The Federal Open Market Committee, which is responsible for the policymaking of the Federal Reserve Bank, has updated the draft to include cryptocurrencies just a few months after it was first introduced.
Last year, reports claimed that top Federal Reserve employees traded stocks, bonds and real estate securities in 2020. This was just before specific COVID-19-prompted policies had impacted the market. Some policymakers resigned following the revelations. However, Fed Chair Jerome Powell insists that new rules must be enforced by the monetary body. The Federal Open Market Committee had proposed rules that would ban senior bank officials from trading with these assets in October. However, Fed Chair Jerome Powell insisted that the central bank enforce new rules. Most of the below rules will go into effect on May 1. They prohibit senior bank officials from buying stocks or funds that trace business sectors. They will also be prohibited from investing in individual bonds, commodities or foreign currencies. They will not be able to invest in individual bonds, commodities, foreign currencies, or other securities.
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