No hands in the cookie jar. Fed senior officials get prohibited from purchasing or keeping crypto, and are required to “dispose of all impermissible holdings” within a year, starting on May 1st.
that Fed senior officials, which include Reserve Bank first vice presidents and research directors, FOMC staff officers, the System Open Market Account manager and deputy manager, Board division directors who regularly attend Committee meetings, individuals designated by the Fed chair, and their spouses and children under 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.” Under the rules, starting on July 1, the purchasing and selling of securities will be permitted with 45 days’ notice, prior approval and agreement to hold the investment for at least one year. In addition, officials are also prohibited from purchasing and selling during"periods of heightened financial market stress.” Reserve Bank presidents will have 30 days to, which will be available to the public “promptly” on their respective Fed websites.
“The Federal Reserve expects that additional staff will become subject to all or parts of these rules after the completion of further review and analysis,” said the announcement.
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