Fed's Powell says changes needed in rules for officials' investing

FILE PHOTO: Federal Reserve Chair Jerome Powell takes his seat to testify before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., July 15, 2021. REUTERS/Kevin Lamarque/File Photo

(Reuters) – Federal Reserve Chair Jerome Powell said on Wednesday the existing rules covering central bank officials’ investment activities are “now seen as clearly not adequate” and changes are needed after recent news that two reserve bank officials have been active investors.

Powell, answering a question after the Fed’s latest policy meeting, also said he was not aware of the trading activities of reserve bank presidents Robert Kaplan and Eric Rosengren that has drawn criticism from Fed watchers.

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