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Объявления => Прошедшие выставки => Тема начата: upamfva от 25 Апрель 2022, 08:27:42



Название: Regional Fed Presidents Step Aside Amid Trading Backlash
Отправлено: upamfva от 25 Апрель 2022, 08:27:42
Regional Fed Presidents Step Aside Amid Trading Backlash



Two leading regional Federal Reserve officials announced their resignation in September 2021, following scrutiny over their trading activity. Both resignations came hot on the heels of Fed Chair Jerome Powell pledging to launch an ethics review at the U.S. central bank. Federal Reserve Bank of Dallas President Robert Kaplan, 64, submitted his resignation on Sept. 27, just hours after Eric Rosengren called time on his 35-year stint at the Boston Fed branch, including the last 14 years as president.To get more news about traderschoice net (https://www.wikifx.com/en/dealer/2525986428.html), you can visit wikifx.com official website.

Rosengren and Kaplan, who were both members of the bank's interest-rate setting committee, came under fire for making several trades in real estate investment trusts (REITs) at the same time the Fed purchased billions of Treasurys and mortgage-backed securities to shore up the financial system at the height of the pandemic in 2020.

Records reveal that the pair's trading activity met regulatory requirements but raised possible conflict of interest concerns. As a result, both officials said that they would sell the stock holdings in question and agreed not to make any more purchases during their time as president.
Rosengren's departure on Sept. 30, 2021, came nine months earlier than planned due to health concerns, according to a Boston Federal Reserve press release. "In a message to the Bank's staff, Dr. Rosengren revealed for the first time that he qualified for the kidney transplant list in June of 2020, during the pandemic, upon the worsening of a kidney condition he has had for many years," said the release. "Delaying the need for dialysis might be improved if he makes lifestyle changes now to lessen the risks of his condition."

Under Rosengren's watch, the Boston Fed has collaborated with the Massachusetts Institute of Technology (MIT) in recent years to develop technology that supports a potential central bank-backed digital currency (CBDC). Rosengren also oversaw the Main Street Lending Program implemented during the pandemic.

Meanwhile, Kaplan departed on Oct. 8, 2021, citing scrutiny over his stock transactions for his resignation. "The Federal Reserve is approaching a critical point in our economic recovery as it deliberates the future path of monetary policy. Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve's execution of that vital work," Kaplan said in a statement. "For that reason, I have decided to retire as president and CEO of the Federal Reserve Bank of Dallas," he stated.

Although the economic recovery from the pandemic has slowed in recent months, Kaplan has supported raising interest rates quicker than other Fed committee members, arguing that the economy could be nearing full employment sooner than expected. Currently, Fed chiefs project at least three rate hikes by the end of 2023.