Fed officials won’t be able to trade stocks and bonds — as well as cryptocurrencies — under new rules that became formal Friday.
Highlights
- New rules ban officials from trading stocks and bonds from the Federal Reserve.
- Restrictions apply to members of the Fed and staff who regularly attend board meetings.
- The new rules were announced in October.
- They will take effect on May 1, 2015, with most of the rules taking effect until further review is complete.
- The rules “aim to support the integrity of the Committee’s work by guarding against even the appearance of any conflict of interest,” the FRC says.
- They also extend to spouses and children of Fed staff members as well as those with financial ties to the U.S.