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A timeline of the Federal Reserve's trading scandal
Brian Cheung
Thu, November 4, 2021, 6:05 PMยท8 min read
A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fedโs guardrails around personal financial interests.
In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As the heads of two of the Fed's network of 12 reserve banks, both were instrumental in engineering the Fedโs response to the financial fallout from the COVID-19 pandemic.
Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.
Fed Vice Chairman Richard Clarida would also likely catch scrutiny for rotating millions of dollars out of bond fund and into stock funds in February 2020 โ right before the Fed started slashing interest rates.
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https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html