Fed reviews ethics policies after prolific trading uncovered

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — The Federal Reserve is reviewing the ethics policies that cover the financial holdings of its senior officials in the wake of disclosures that two regional Fed presidents engaged in extensive trading last year. Robert Kaplan, president of the Dallas Federal Reserve Bank, in 2020 traded millions of dollars of stock in companies such as Apple, Amazon, and Google, while Eric Rosengren, president of the Boston Fed, traded in real estate investment trusts, according to financial disclosure forms. The Fed said Thursday that late last week, Reserve Chairman Jerome Powell directed staff to take a comprehensive look at the ethics rules around permissible financial holdings and activities by senior Fed officials.