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Senior Fed officials will shortly be restricted from trading crypto, equities, and bonds

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The regulations were planned to “support public confidence ... by guarding against even the appearance of any conflict of interest.”

The Federal Open Market Committee, or FOMC, has endorsed norms restricting senior Fed authorities from buying and retaining cryptocurrencies and other investments.

The FOMC stated on Friday that senior Federal Reserve officials currently working at the organization would have a year to "dispose of all impermissible holdings" commencing May 1, while new officers would have six months. According to the new rules, Fed senior officials, including Reserve Bank first vice presidents and research directors, FOMC staff officers, the System Open Market Account manager and deputy manager, Board division directors who consistently join Committee meets, people selected by the Fed chair, and their spouses and children below the age of 18, are:

“Prohibited from purchasing individual stocks or sector funds; holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies; entering into derivatives contracts; and engaging in short sales or purchasing securities on margin.”

Beginning on July 1, the rules will enable the purchase and sale of securities with 45 days' notice, prior authorization, and an undertaking to retain the investment for a minimum of one year. Furthermore, officials are banned from trading during "periods of heightened financial market stress." Presidents of the Reserve Bank will have 30 days to reveal securities transactions, which will be published "promptly" accessible to the users on their respective Fed websites.

"The Federal Reserve expects that additional staff will be subject to all or parts of these rules after additional review and analysis," according to the statement.

The FOMC stated that the rule change, which was initially announced in October 2021, was meant to "support public confidence in the impartiality and integrity of the Committee's work by guarding against even the perception of any conflict of interest." The Federal Reserve Board will also decide on whether to include the modifications in Reserve Bank codes of conduct.

Several U.S. legislators, noting similar issues, have asked for regulations restricting members of Congress from holding or stock trading. The Stop Trading on Congressional Knowledge Act, or STOCK Act, of 2012 allows legislators to purchase and trade stocks and other investments while in office, but they must reveal such activities or suffer monetary fines.

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