Fed’s Powell Says Changes Needed In Officials’ Investment Rules By Reuters

© Reuters. FILE PHOTO: Federal Reserve Chairman Jerome Powell sits down to testify before a Senate Committee on Banking, Housing and Urban Affairs hearing on “The Semi-Annual Monetary Policy Report to Congress” on Capitol Hill in Washington, United States, July 15, 202

(Reuters) – Federal Reserve Chairman Jerome Powell said on Wednesday that existing rules governing the investment activities of central bank officials were “now seen as clearly inadequate” and that changes were needed after the recent announcement that two reserve bank officials were active investors.

Powell, responding to a question after the last Fed policy meeting, also said he was unaware of the business activities of reserve bank chairmen Robert Kaplan and Eric Rosengren which drew criticism from observers of the Fed.

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