Powell, Clarida Cleared of Wrongdoing in Fed Trading Controversy
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Fed ethics inquiry clears Powell and Clarida trades
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The Federal Reserve’s inspector general concluded Thursday that financial trades made several years ago by Chair Jerome Powell and Richard Clarida, then the vice chair, did not violate any laws or ethics rules. At the same time, the letter said the investigation of the presidents of two regional Federal Reserve banks who stepped down after their trading activities came to light remains ongoing. The investigation stemmed from revelations last year that several Fed officials had bought and sold stocks, real estate investment funds and other securities during periods of sharp market turmoil in the spring of 2020 after the pandemic had erupted.