Federal Reserve officials won’t be able to trade a slew of assets including stocks and bonds — as well as cryptocurrencies — under new rules that became formal Friday.
Following up on regulations announced in October, the policymaking Federal Open Market Committee announced that most of the restrictions will take effect May 1.
The rules will cover FOMC members, regional bank presidents and a raft of other officials including staff officers, bond desk managers and Fed employees who regularly attend board meetings. They also extend to spouses and minor children.
“The Federal Reserve expects that additional staff will become subject to all or parts of these rules after the completion of further review and analysis,” a release announcing the rules stated.
The rules “aim to support public confidence in the impartiality and integrity of the Committee’s work by guarding against even the appearance of any conflict of interest,” the statement also said.