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12/7/2021, 4:24 PM (Source: TeleTrader)
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Warren asks Fed for details on officials' trading

United States Senator from Massachusetts Elizabeth Warren wrote a letter to Federal Reserve Chair Jerome Powell, urging him to provide information on trading by all the central bank's officials who served from the start of 2020 until now, as well as to disclose full correspondence between the Fed's ethics office and officials during the same period, the Wall Street Journal reported on Tuesday.

"Timely release of this requested information is critical so that Congress and the public can evaluate the full extent of trading in individual stocks by Fed officials, the extent to which Fed officials were warned of the risks from their trading, and whether the plans you announced to change the Fed’s ethics practices are sufficient to prevent future financial conflicts of interest," Warren wrote in the letter.

The request comes after Boston and Dallas Federal Reserve presidents, Eric Rosengren and Robert Kaplan, stepped down amid accusations of unethical stock trading earlier this year. Powell has since said that Fed's ethics rules had served it well for a long time but needed to be amended as it is "no longer the case."

Baha Breaking the News (BBN) / NP