The two officials’ financial disclosures sparked criticism from government watchdogs after they revealed extensive stock trading in 2020, when the Fed was spending trillions of dollars stabilizing financial markets and boosting the economy. Because of their trading, the two officials could potentially have profited from the Fed’s actions. Sen. Elizabeth Warren, a Massachusetts Democrat, sharply criticized the trades and called for a ban on stock ownership by Fed officials. Fed Chair Jerome Powell said last week that the Fed would change its ethics policies in the wake of the disclosures. Fed regional bank presidents are chosen by the six members of each bank's board of directors who are not bankers.

Source: ABC News September 27, 2021 20:37 UTC