The Federal Open Market Committee (FOMC) has approved a rule that would prohibit Top Federal Reserve officials “buy” and “hold” crypto, among other investments.
In Friday’s announcement, the FOMC saythat since May 1, senior officials of the Federal Reserve who work at the said agency will have one year to “Eliminate all unauthorized holdings,” while new officials will have six months to do so, by the new rules.specifyThat senior Fed officials, including the central bank’s first vice president and research director, FOMC officers, System Open Market account managers, people designated by the Fed chair, and their spouses and children under 18. year
“It will be forbidden to buy individual shares or funds, own individual bonds, securities, cryptocurrencies, commodities. , or foreign currency , derivatives trading , and short sales or purchase of securities with margin “
under such rules From July 1, trading in securities will be permitted. 45 days prior notice and must be held for at least one year. “Where the financial markets are more tense,” the central bank president has 30 days toDisclosure of securities transactionsThis will be made available to the public “immediately” on the relevant FED website.
“The Federal Reserve expects its employees to be subject to all or part of the rules. after completing further investigations and analysis,” the announcement said.
According to the FOMC, the change in rules which was first announced in October 2021, aims to “Support the public confidence in the impartiality and integrity of the committee’s work. by preventing conflicts of interest.”
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