The Federal Reserve's government watchdog has cleared two top officials of any wrongdoing in a financial market trading scandal that rocked the central bank last year.
that the Fed stood ready to prop up financial markets and the economy as the coronavirus arrived in the U.S. The Fed said the trade was part of routine portfolio rebalancing.by the New York Times in January of this year — showed that he sold a similar amount of money in the fund just days earlier, raising questions about whether Clarida's trades were less routine and more strategic.
made five trades in December 2019 during a so-called "blackout period," where Fed officials are barred from making trades, the memo says — but the watchdog found no evidence that Powell had any knowledge the transactions were executed during this period.
"I have always been committed to conducting myself with integrity and respect for the obligations of public service, and this report reaffirms that lifelong commitment to exceeding ethical standards."than planned. Clarida's spokesman said the early departure had nothing to do with the trading activity disclosure coming to light, but rather to begin teaching at Columbia University for the spring semester.: The Fed asked its watchdog back in October to initiate an independent probe to see whether trading activity by senior officials was in compliance with its ethics rules and the law.
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