The Federal Reserve is still subsidizing the financial industry. The industry has been receiving $120,000,000,000 per month.
“The Fed is currently purchasing $80 billion a month in Treasuries and $40 billion in mortgage-backed securities (MBS).”t.co/UlPeunAZfO
— davidac (@davidac35075727) September 17, 2021
Fed Chief Powell, other officials owned securities central bank bought during Covid pandemic:
* Federal Reserve Chairman Jerome Powell has ordered a review of ethics rules for the central bank after an outcry over officials owning individual securities.
* CNBC found Powell owned municipal bonds of the same type bought by the Fed during the Covid-19 pandemic in 2020.
* Two regional Fed presidents likewise owned assets of the same type the Fed was buying as the coronavirus threatened the U.S. economy’s health.
* The central bank’s code of conduct says officials “should be careful to avoid any dealings or other conduct that might convey even an appearance of conflict between their personal interests, the interests of the system, and the public interest.”
Documents released last week revealed that Dallas Fed President Robert Kaplan made multiple trades worth $1 million or more last year in individual stocks including Apple, Amazon and Delta Air Lines.
Powell orders ethics review after Fed presidents disclosed multimillion-dollar investments:
* Federal Reserve Chairman Jerome Powell directed staff to review the central bank’s ethics rules after several Fed presidents disclosed large investments and stock trades.
* News of Powell’s inquiry broke after Sen. Elizabeth Warren sent 12 letters to the Fed’s regional bank presidents demanding stricter ethics around stock buying.
* Documents revealed that Dallas Fed President Robert Kaplan traded Apple, Amazon and Delta Air Lines stock in 2020.
h/t Anon Braveheart