Sept 28 (Reuters) - The Federal Reserve is examining the trades done by regional bank presidents to make sure they were in compliance with the central bank's rules, Fed Chair Jerome Powell said on Tuesday, adding that the rules will be reviewed and improved.
"We’re also looking carefully at the trading that was done to make sure it’s in compliance with our rules and with the law," Powell said during a U.S. Senate Banking Committee hearing in response to a question from Demographic Senator Raphael Warnock. "And even if it appears to be the case that these trades were in compliance with existing rules, that just tells you the problem is the rules and the practices and the disclosure needs to be improved."
Two Fed officials, Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan, announced their retirements https://www.reuters.com/business/finance/boston-feds-rosengren-citing-worsening-kidney-condition-retire-sept-30-2021-09-27 on Monday amid questions about investment trades they made in 2020 as the Fed took extraordinary action to support markets and the economy. (Reporting by Jonnelle Marte Editing by Chizu Nomiyama)
