{"id":12358,"date":"2021-09-21T05:54:07","date_gmt":"2021-09-21T05:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/feds-powell-scrutinized-for-owning-bonds-of-the-same-type-the-central-bank-bought-during-pandemic\/"},"modified":"2021-09-21T05:54:07","modified_gmt":"2021-09-21T05:54:07","slug":"feds-powell-scrutinized-for-owning-bonds-of-the-same-type-the-central-bank-bought-during-pandemic","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/feds-powell-scrutinized-for-owning-bonds-of-the-same-type-the-central-bank-bought-during-pandemic\/","title":{"rendered":"Fed\u2019s Powell Scrutinized for Owning Bonds of the Same Type the Central Bank Bought During Pandemic"},"content":{"rendered":"

As a number of Federal Reserve presidents have been criticized for their 2020 stock moves, Fed chairman Jerome Powell has been cast into the limelight for owning $1.5 million municipal bonds like the ones the U.S. central bank purchased in 2020 during the pandemic.<\/strong><\/p>\n

All Eyes Are On Jerome Powell\u2019s Municipal Bond Portfolio<\/h2>\n

Three days ago, the topic of senior Federal Reserve members making multi-million-dollar stock deals<\/a> in 2020 caused senator Elizabeth Warren to write a letter<\/a> criticizing the bank member\u2019s ethics, and chairman Jerome Powell said he would initiate an ethics inquiry. However, not too long after the media grilled U.S. central bankers for their behavior, reports disclosed that the Federal Reserve\u2019s chairman owned a few types of municipal bonds, similar to the ones the Fed bailed out during the coronavirus crisis.<\/p>\n

It\u2019s also not the first time Jerome Powell\u2019s portfolio has come under inquisition from the public. Wallstreetonparade.com journalists Pam Martens and Russ Martens have written about the matter and Northman Trader\u2019s Sven Henrich tweeted about it in June. The Martens\u2019 article<\/a> at the time said that Powell had \u201cupwards of $11.6 million invested with Blackrock, the firm that will manage a $750 billion corporate bond bailout program for the Fed.\u201d<\/p>\n

Fyi: One person who is financially benefitting from every stock market rally is Jay Powell who has tens of millions in ETF fund long holdings, including $SPY<\/a>, $RUT<\/a> & holdings with Blackrock the same firm he selected for doing the Fed’s ETF buyinghttps:\/\/t.co\/7yvWsCs6lZ<\/a><\/p>\n

\u2014 Sven Henrich (@NorthmanTrader) June 12, 2020<\/a><\/p>\n<\/p>\n

On September 18, CNBC reported<\/a> on the matter and noted that Powell\u2019s financial moves did not appear to violate the central bank\u2019s code of conduct. CNBC\u2019s Steve Liesman<\/a> said that the Fed\u2019s code of conduct says officials \u201cshould 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.\u201d<\/p>\n

Furthermore, Liesman said that \u201cPowell held between $1.25 million and $2.5 million of municipal bonds in family trusts\u201d which was \u201cjust a small portion\u201d of Powell\u2019s total assets. \u201cWhile the bonds were purchased before 2019, they were held while the Fed last year bought more than $5 billion in munis, including one from the state of Illinois purchased by his family trust in 2016,\u201d Liesman added.<\/p>\n

Better Markets Executive: \u2018Fed\u2019s Policies Are Woefully Deficient \u2013 Whole Year Should Be Considered a Blackout\u2019<\/h2>\n

Powell has seen a barrage of negative press in recent times, and on September 1 Bitcoin.com News reported on how U.S. lawmakers Alexandria Ocasio-Cortez (AOC), Rashida Tlaib, and Ayanna Pressley want a new central bank lead<\/a>. A chairperson who will help \u201cmitigate the risk [of] climate change,\u201d AOC said in a recent statement. Despite the push from Democrat representatives, sources with ties to Washington believe<\/a> that Joe Biden will renominate Jerome Powell to lead the Fed.<\/p>\n

Meanwhile, Dennis Kelleher, CEO of a nonprofit called Better Markets told Liesman that the senior Fed officials\u2019 moves were not in good taste. \u201cTo think that such trading is acceptable because it is supposedly allowed by Fed\u2019s current policies only highlights that the Fed\u2019s policies are woefully deficient,\u201d Kelleher emphasized. When Kelleher was told that the Fed officials could trade the stocks because it wasn\u2019t a blackout period, the CEO of a nonprofit remarked:<\/p>\n

The whole year should be considered a blackout period.<\/p>\n

What do you think about the fact that Fed chairman Jerome Powell joins Richmond Fed President Thomas Barkin and Boston Fed President Eric Rosengren in controversy? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, AOC, Ayanna Pressley, Better Markets, Blackrock, Central Bank, CNBC report, Covid, Dennis Kelleher, family trusts, Fed, Federal Reserve, jerome powell, Jerome Powell Bond portfolio, Jerome Powell Bonds, Jerome Powell’s portfolio, Northman Trader, Pam Martens, pandemic, Powell bonds, Rashida Tlaib, Russ Martens, Steve Liesman, Sven Henrich, Wallstreetonparade.com<\/p>\n","protected":false},"excerpt":{"rendered":"

As a number of Federal Reserve presidents have been criticized for their 2020 stock moves, Fed chairman Jerome Powell has been cast into the limelight for owning $1.5 million municipal bonds like the ones the U.S. central bank purchased in 2020 during the pandemic. All Eyes Are On Jerome Powell\u2019s Municipal Bond Portfolio Three days…<\/p>\n","protected":false},"author":0,"featured_media":12359,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12358"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12358"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12359"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}