Fed internal watchdog clears Powell and Clarida

US Federal Reserve
The US Federal Reserve’s Eccles Building
Photo: US Federal Reserve

The Federal Reserve’s internal watchdog cleared chair Jerome Powell and former vice-chair Richard Clarida of ethical violations arising from equities transactions in 2020.

In a memorandum addressed to Powell and dated July 11, inspector-general Mark Bialek said: “Clarida’s and your trading activities did not violate the laws, rules, regulations, or policies as investigated by our office”.

The office of the inspector-general did find Clarida and Powell had made minor regulatory violations. The

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