Watch EXCLUSIVE-Fed financial institution chiefs, in letter to Sen. Warren, pledge to adjust to ethics assessment – Reuters Markets & Finance News

Watch EXCLUSIVE-Fed financial institution chiefs, in letter to Sen. Warren, pledge to adjust to ethics assessment – Reuters Markets & Finance News

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Watch EXCLUSIVE-Fed financial institution chiefs, in letter to Sen. Warren, pledge to adjust to ethics assessment – Reuters Markets & Finance News Youtube HD Video Online

Oct 14 (Reuters) – The U.S. Federal Reserve’s regional financial institution presidents responded to criticism of their ethics guidelines by Democratic Senator Elizabeth Warren with a joint letter welcoming a assessment of the matter by the Fed’s Board of Governors and pledging to make any modifications that outcome from that course of.

“Recently, Federal Reserve Chair Jerome Powell has directed Board of Governors staff to conduct a comprehensive review of the ethics rules regarding permissible financial holdings and activities by senior Federal Reserve officials,” the presidents mentioned, in response to a duplicate of the letter seen by Reuters. “We welcome this important review and will apply any resulting changes to each Federal Reserve Banks’ Code of Conduct.”

The letter, dated Sept. 20, was written by St. Louis Fed President James Bullard on behalf of all of the banks and signed by every of the financial institution presidents.

Earlier in September, Warren wrote to the banks asking them to tighten their ethics guidelines together with a ban on the possession and buying and selling of particular person shares by senior Fed officers.

It adopted a furor over the buying and selling actions of Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren, who made controversial trades final yr because the central financial institution undertook a rescue of the economic system. Each introduced final month they’d depart their positions regardless of their trades being cleared by the Fed’s ethics officers.

Powell has since ordered a sweeping assessment of ethics guidelines governing monetary holdings and dealings on the central financial institution. He has additionally requested the Fed’s workplace of the inspector common to look into the buying and selling achieved by sure senior officers. (Reporting by Lindsay Dunsmuir, Ann Saphir and Jonnelle Marte; Enhancing by Andrea Ricci)

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