Fed spokesperson reveals review
The fallout from the active trading from Dallas Fed President Robert Kaplan in S&P 500 futures and other instruments continues.
A Fed spokesperson says Chairman Jerome Powell late last week directed board staff to take a fresh and comprehensive look at the ethics rules around permissible financial holdings and activities by senior officials.
Politicians and the public have scoffed and top Fed officials actively trading when they invariably are in a privileged position on both information and the ability to influence markets.
Kaplan and Boston Fed President Rosengren both announced they were divesting from individual stock holdings last week but that won't be the end of it. Congress is going to want more. There are calls for his resignation.