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2021-11-05

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A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":846641568,"tweetId":"846641568","gmtCreate":1636080849238,"gmtModify":1636081038426,"author":{"id":3564105303063302,"idStr":"3564105303063302","authorId":3564105303063302,"authorIdStr":"3564105303063302","name":"ALi_BaBa","avatar":"https://static.tigerbbs.com/d89722c800111c9c885624fce940701f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":18,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Sad</body></html>","htmlText":"<html><head></head><body>Sad</body></html>","text":"Sad","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/846641568","repostId":1138384538,"repostType":4,"repost":{"id":"1138384538","kind":"news","pubTimestamp":1636080032,"share":"https://www.laohu8.com/m/news/1138384538?lang=zh_CN&edition=full","pubTime":"2021-11-05 10:40","market":"us","language":"en","title":"A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138384538","media":"finance.yahoo","summary":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials with","content":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.<blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As the heads of two of the Fed's network of 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.<blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为美联储12家储备银行网络中的两家银行的负责人，两人在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.<blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote> Fed Vice Chairman Richard Clarida would also likely catch scrutiny for&nbsp;rotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.<blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board (the system's headquarters in Washington) is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.<blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储委员会（该系统总部位于华盛顿）目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote> “No <a href=\"https://laohu8.com/S/AONE.U\">one</a> is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”<blockquote>“不<a href=\"https://laohu8.com/S/AONE.U\">一</a>很高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.<blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.<blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”<blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote> <img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" referrerpolicy=\"no-referrer\">Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters<blockquote>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</blockquote> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Thursday, November 4, 2021):<blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年11月4日星期四）：</blockquote> September 7, 2021:The Wall Street Journal&nbsp;reports&nbsp;that Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and <a href=\"https://laohu8.com/S/EEME\">iShares</a> Floating Rate Bond ETFs, among others.<blockquote>2021年9月7日：据《华尔街日报》报道，Kaplan在2020年进行了多次股票交易，在苹果、达美航空、西方石油和<a href=\"https://laohu8.com/S/EEME\">iShares</a>浮动利率债券ETF等。</blockquote> September 8, 2021:Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.<blockquote>2021年9月8日：彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote> September 9, 2021:Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.<blockquote>2021年9月9日：波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote> September 15, 2021:Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.<blockquote>2021年9月15日：马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote> September 16, 2021:Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”<blockquote>2021年9月16日：美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote> September 22, 2021:Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.<blockquote>2021年9月22日：鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.<blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote> September 27, 2021:Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.<blockquote>2021年9月27日：开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.<blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote> September 28, 2021:Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"<blockquote>2021年9月28日：鲍威尔在回答国会的问题时告诉参议院银行委员会，美联储“也在仔细审查所进行的交易，以确保其符合我们的规则和法律。”</blockquote> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"<blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote> September 30, 2021:Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.<blockquote>2021年9月30日：罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote> October 1, 2021:Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued a&nbsp;rare, impromptu statement&nbsp;reiterating the Fed's support of the economy. The transactions were disclosed via a&nbsp;government ethics filing. A Fed spokesman says the transactions \"represent a pre-planned rebalancing to his accounts.\"<blockquote>2021年10月1日：彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，前一天鲍威尔发表了一份罕见的即兴声明，重申美联储对经济的支持。这些交易是通过政府道德文件披露的。美联储发言人表示，这些交易“代表了他的账户预先计划的再平衡”。</blockquote> Later in the day, Warren&nbsp;writes to the SECasking them to investigate the extent, timing, and rationale of the trades \"to determine if they may have violated insider trading laws.\"<blockquote>当天晚些时候，沃伦写信给SEC，要求他们调查交易的范围、时间和理由，“以确定他们是否可能违反了内幕交易法”。</blockquote> A Fed spokesperson says in the afternoon that it began discussions the week prior with the central bank's Office of Inspector General to conduct an independent review of whether the trades were \"in compliance with both the relevant ethics rules and the law.\"<blockquote>美联储发言人下午表示，一周前开始与央行监察长办公室进行讨论，对这些交易是否“符合相关道德规则和法律”进行独立审查。</blockquote> October 8, 2021:Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.<blockquote>2021年10月8日：卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote> October 12, 2021:Clarida speaks at an Institute for International Finance event and indirectly addresses his 2020 transactions, saying: \"I've always acquitted myself honorably and with integrity and respect to the obligations of public service.\"<blockquote>2021年10月12日：克拉里达在国际金融研究所的一次活动中发表讲话，间接谈到了他2020年的交易，他说：“我一直光荣、正直地履行自己的职责，并尊重公共服务的义务。”</blockquote> Clarida was scheduled to be interviewed (by this reporter) at a Society for Advancing Business Editing and Writing event on Oct. 13, but the Fed informed SABEW a week prior that the appearance would be cancelled.<blockquote>克拉里达原定于10月13日在商业编辑和写作促进会活动上接受（本报记者）采访，但美联储在一周前通知萨布，露面将被取消。</blockquote> October 18, 2021:The American Prospecthighlightsa financial disclosure showing Powell selling shares from a Total Stock Market Index Fund in October 2020. Unlike the trades done by Rosengren and Kaplan, the fund is a broad market index (with exposure to all U.S. equities).<blockquote>2021年10月18日：《American ProspectHighlights》财务披露显示鲍威尔在2020年10月出售了总股市指数基金的股票。与罗森格伦和卡普兰的交易不同，该基金是一个广泛的市场指数（投资于所有美国股票）。</blockquote> October 21, 2021:The New York Times&nbsp;reports&nbsp;that the Federal Reserve Board sent an email to senior Fed system officials in the early weeks of the pandemic warning them to avoid unnecessary trading for a few months.<blockquote>2021年10月21日：《纽约时报》报道称，美联储在疫情爆发的最初几周向美联储系统高级官员发送了一封电子邮件，警告他们在几个月内避免不必要的交易。</blockquote> Warren&nbsp;sends a letter to the Federal Reservedemanding the release of more details on any other ethics advice given to Fed officials.<blockquote>沃伦致信美联储，要求公布向美联储官员提供的任何其他道德建议的更多细节。</blockquote> Later in the day, Powell&nbsp;announces \"tough new rules\"that bar senior officials from actively trading and prohibits the purchase of any individual securities. The new rules effectively only allow purchases of diversified investment vehicles (like mutual funds), and cannot be done during times of \"heightened financial market stress\" like the spring of 2020.<blockquote>当天晚些时候，鲍威尔宣布了“严厉的新规则”，禁止高级官员积极交易，并禁止购买任何个人证券。新规则实际上只允许购买多元化投资工具（如共同基金），不能在2020年春季这样的“金融市场压力加剧”时期进行。</blockquote> October 22, 2021:The Senate Banking Committee's top Republican, Pat Toomey of Pennsylvania, issues a statement saying Powell should be \"commended for effectively addressing this issue.\"<blockquote>2021年10月22日：参议院银行委员会共和党领袖、宾夕法尼亚州的帕特·图米发表声明称，鲍威尔“应该因有效解决这一问题而受到赞扬”。</blockquote> October 27, 2021:Four Democratic senators&nbsp;introduce a new bill&nbsp;that would tighten ethics rules, barring trading in any individual stocks (or commodity, virtual currency, or “comparable financial interest”). The rules are substantially similar to those already announced by the Fed on Oct. 21.<blockquote>2021年10月27日：四名民主党参议员提出了一项新法案，该法案将收紧道德规则，禁止交易任何个股（或大宗商品、虚拟货币或“可比金融利益”）。这些规则与美联储10月21日已经宣布的规则基本相似。</blockquote> November 3, 2021:Powell tells reporters that he has briefed administration officials and members of Congress on the Fed’s ethics rules, adding that he isstill soliciting feedback on making further changes. He declines to say if President Joe Biden was among those briefed.<blockquote>2021年11月3日：鲍威尔告诉记者，他已向政府官员和国会议员简要介绍了美联储的道德规则，并补充说他仍在征求有关进一步改变的反馈。他拒绝透露总统乔·拜登是否在听取简报的人之列。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA timeline of the Federal Reserve's trading scandal<blockquote>美联储交易丑闻的时间表</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nfinance.yahoo2021-11-05 10:40\n\n</h4>\n</header>\n<article>\nA reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.<blockquote>美联储的声誉危机导致央行内部两名高级官员辞职，引发了人们对美联储围绕个人金融利益的护栏强度的质疑。</blockquote> In September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As the heads of two of the Fed's network of 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.<blockquote>2021年9月，媒体报道重点介绍了达拉斯联储主席罗伯特·卡普兰和波士顿联储主席埃里克·罗森格伦在2020年期间进行的几笔大型金融交易。作为美联储12家储备银行网络中的两家银行的负责人，两人在设计美联储应对COVID-19大流行的金融影响方面发挥了重要作用。</blockquote> Rosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.<blockquote>罗森格伦和卡普兰承诺在担任美联储高级官员期间不再进行任何交易，但随着公众影响的扩大，他们后来宣布提前退休。</blockquote> Fed Vice Chairman Richard Clarida would also likely catch scrutiny for&nbsp;rotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.<blockquote>美联储副主席理查德·克拉里达(Richard Clarida)也可能因在2020年2月（就在美联储开始降息之前）将数百万美元从债券基金转入股票基金而受到审查。</blockquote> At the direction of Fed Chairman Jerome Powell, the Federal Reserve Board (the system's headquarters in Washington) is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.<blockquote>在美联储主席杰罗姆·鲍威尔的指导下，美联储委员会（该系统总部位于华盛顿）目前正在对其道德实践进行全系统审查。有人质疑，为什么拥有巨大市场影响力的联邦公开市场委员会（FOMC）成员会被允许从交易中个人获利。</blockquote> “No <a href=\"https://laohu8.com/S/AONE.U\">one</a> is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”<blockquote>“不<a href=\"https://laohu8.com/S/AONE.U\">一</a>很高兴，”鲍威尔9月22日对媒体表示。“联邦公开市场委员会没有人乐于处于这种情况，乐于提出这些问题。我们非常非常认真地对待这件事。”</blockquote> Peter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.<blockquote>撰写过有关美联储独立性的文章的宾夕法尼亚大学教授彼得·康蒂-布朗告诉雅虎财经，整个情况对美联储来说是一场“灾难和丑闻”。</blockquote> “I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.<blockquote>孔蒂-布朗表示：“我认为央行行长永远不应该怀疑他们正在倡导能够让他们致富的政策。”他补充说，他将支持全面禁止任何美联储高级官员持有任何个股。</blockquote> San Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”<blockquote>旧金山行长玛丽·戴利(Mary Daly)的财务披露显示没有持有个人股票，她9月29日对记者表示，她承认美国公众对美联储现有道德规则“不够”的担忧。</blockquote> <img src=\"https://static.tigerbbs.com/041dbdec77d0aa8b865a34c363c30aba\" tg-width=\"705\" tg-height=\"504\" referrerpolicy=\"no-referrer\">Boston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters<blockquote>波士顿联储主席Eric Rosengren（左）和达拉斯联储主席Robert Kaplan（右）宣布提前退休。图片来源：盖蒂和路透社</blockquote> Here’s a timeline of all the events related to the central bank’s ethics debacle (as of Thursday, November 4, 2021):<blockquote>以下是与央行道德崩溃相关的所有事件的时间表（截至2021年11月4日星期四）：</blockquote> September 7, 2021:The Wall Street Journal&nbsp;reports&nbsp;that Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and <a href=\"https://laohu8.com/S/EEME\">iShares</a> Floating Rate Bond ETFs, among others.<blockquote>2021年9月7日：据《华尔街日报》报道，Kaplan在2020年进行了多次股票交易，在苹果、达美航空、西方石油和<a href=\"https://laohu8.com/S/EEME\">iShares</a>浮动利率债券ETF等。</blockquote> September 8, 2021:Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.<blockquote>2021年9月8日：彭博社报道称，罗森格伦在2020年多次买卖房地产投资信托基金和其他证券，期间他公开警告房地产市场的蔓延。波士顿联储表示，这些交易不是通过盲目信托进行的，并且“符合”道德规则。</blockquote> September 9, 2021:Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.<blockquote>2021年9月9日：波士顿和达拉斯的联邦储备银行同时发布了几乎相同语言的声明，都指出他们的金融交易符合美联储的道德规则。声明称，两位总统将在9月30日之前抛售所持股份（再投资于多元化指数基金或现金储蓄），并承诺只要他们仍担任总统，他们就不会活跃在这些账户中。</blockquote> September 15, 2021:Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.<blockquote>2021年9月15日：马萨诸塞州民主党参议员伊丽莎白·沃伦(Elizabeth Warren)写信给所有12家美联储银行，要求它们在60天内禁止高级官员持有和交易个股。</blockquote> September 16, 2021:Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”<blockquote>2021年9月16日：美联储通过发言人发表声明指出，鲍威尔在一周前指示董事会工作人员“重新全面审视美联储高级官员有关金融控股和活动的道德规则”。美联储指出，其关于个人金融行为的规则“比适用于国会的规则更严格”。</blockquote> September 22, 2021:Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.<blockquote>2021年9月22日：鲍威尔菲尔德在接受媒体提问时坚称，直到两位总统提交披露文件（每年提交一次）后，他才知道这笔交易。鲍威尔重申了美联储现有的限制，例如不能在政策制定会议之前和期间立即进行交易。但美联储主席承认“没有人对这种情况感到高兴”。</blockquote> Powell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.<blockquote>鲍威尔表示，他的个人财务利益包括他在2019年“冻结”的市政证券的所有权，他说这些资产在美联储2020年采取紧急措施期间没有交易。</blockquote> September 27, 2021:Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.<blockquote>2021年9月27日：开市前，波士顿联储主席埃里克·罗森格伦以“肾脏状况恶化”为由宣布将退休时间提前九个月。罗森格伦原定于2022年6月退休，但他没有提及自己的房地产投资信托基金交易，并表示他的最后一天将是2021年9月30日。</blockquote> After the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.<blockquote>收盘后，达拉斯联储主席罗伯特·卡普兰表示，他将于2021年10月8日辞职，并指出他的金融交易有可能“分散美联储执行货币政策的注意力”。</blockquote> September 28, 2021:Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"<blockquote>2021年9月28日：鲍威尔在回答国会的问题时告诉参议院银行委员会，美联储“也在仔细审查所进行的交易，以确保其符合我们的规则和法律。”</blockquote> A Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"<blockquote>美国证券交易委员会发言人告诉雅虎财经，“不对是否存在可能的调查发表评论”。</blockquote> September 30, 2021:Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.<blockquote>2021年9月30日：罗森格伦卸任波士顿联储主席，第一副主席肯尼思·蒙哥马利接任临时主席。波士顿联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote> October 1, 2021:Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued a&nbsp;rare, impromptu statement&nbsp;reiterating the Fed's support of the economy. The transactions were disclosed via a&nbsp;government ethics filing. A Fed spokesman says the transactions \"represent a pre-planned rebalancing to his accounts.\"<blockquote>2021年10月1日：彭博社报道称，美联储副主席理查德·克拉里达(Richard Clarida)从Pimco债券基金和两只股票基金中交易了100万至500万美元。这一转变发生在2020年2月27日，前一天鲍威尔发表了一份罕见的即兴声明，重申美联储对经济的支持。这些交易是通过政府道德文件披露的。美联储发言人表示，这些交易“代表了他的账户预先计划的再平衡”。</blockquote> Later in the day, Warren&nbsp;writes to the SECasking them to investigate the extent, timing, and rationale of the trades \"to determine if they may have violated insider trading laws.\"<blockquote>当天晚些时候，沃伦写信给SEC，要求他们调查交易的范围、时间和理由，“以确定他们是否可能违反了内幕交易法”。</blockquote> A Fed spokesperson says in the afternoon that it began discussions the week prior with the central bank's Office of Inspector General to conduct an independent review of whether the trades were \"in compliance with both the relevant ethics rules and the law.\"<blockquote>美联储发言人下午表示，一周前开始与央行监察长办公室进行讨论，对这些交易是否“符合相关道德规则和法律”进行独立审查。</blockquote> October 8, 2021:Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.<blockquote>2021年10月8日：卡普兰从达拉斯联储主席的职位上退休，第一副主席梅雷迪思·布莱克推迟了即将退休的时间，担任临时主席。达拉斯联储董事会董事委员会（不隶属于受监管的银行或金融机构）将选择一名永久替代者，该替代者需要得到联储董事会的批准。</blockquote> October 12, 2021:Clarida speaks at an Institute for International Finance event and indirectly addresses his 2020 transactions, saying: \"I've always acquitted myself honorably and with integrity and respect to the obligations of public service.\"<blockquote>2021年10月12日：克拉里达在国际金融研究所的一次活动中发表讲话，间接谈到了他2020年的交易，他说：“我一直光荣、正直地履行自己的职责，并尊重公共服务的义务。”</blockquote> Clarida was scheduled to be interviewed (by this reporter) at a Society for Advancing Business Editing and Writing event on Oct. 13, but the Fed informed SABEW a week prior that the appearance would be cancelled.<blockquote>克拉里达原定于10月13日在商业编辑和写作促进会活动上接受（本报记者）采访，但美联储在一周前通知萨布，露面将被取消。</blockquote> October 18, 2021:The American Prospecthighlightsa financial disclosure showing Powell selling shares from a Total Stock Market Index Fund in October 2020. Unlike the trades done by Rosengren and Kaplan, the fund is a broad market index (with exposure to all U.S. equities).<blockquote>2021年10月18日：《American ProspectHighlights》财务披露显示鲍威尔在2020年10月出售了总股市指数基金的股票。与罗森格伦和卡普兰的交易不同，该基金是一个广泛的市场指数（投资于所有美国股票）。</blockquote> October 21, 2021:The New York Times&nbsp;reports&nbsp;that the Federal Reserve Board sent an email to senior Fed system officials in the early weeks of the pandemic warning them to avoid unnecessary trading for a few months.<blockquote>2021年10月21日：《纽约时报》报道称，美联储在疫情爆发的最初几周向美联储系统高级官员发送了一封电子邮件，警告他们在几个月内避免不必要的交易。</blockquote> Warren&nbsp;sends a letter to the Federal Reservedemanding the release of more details on any other ethics advice given to Fed officials.<blockquote>沃伦致信美联储，要求公布向美联储官员提供的任何其他道德建议的更多细节。</blockquote> Later in the day, Powell&nbsp;announces \"tough new rules\"that bar senior officials from actively trading and prohibits the purchase of any individual securities. The new rules effectively only allow purchases of diversified investment vehicles (like mutual funds), and cannot be done during times of \"heightened financial market stress\" like the spring of 2020.<blockquote>当天晚些时候，鲍威尔宣布了“严厉的新规则”，禁止高级官员积极交易，并禁止购买任何个人证券。新规则实际上只允许购买多元化投资工具（如共同基金），不能在2020年春季这样的“金融市场压力加剧”时期进行。</blockquote> October 22, 2021:The Senate Banking Committee's top Republican, Pat Toomey of Pennsylvania, issues a statement saying Powell should be \"commended for effectively addressing this issue.\"<blockquote>2021年10月22日：参议院银行委员会共和党领袖、宾夕法尼亚州的帕特·图米发表声明称，鲍威尔“应该因有效解决这一问题而受到赞扬”。</blockquote> October 27, 2021:Four Democratic senators&nbsp;introduce a new bill&nbsp;that would tighten ethics rules, barring trading in any individual stocks (or commodity, virtual currency, or “comparable financial interest”). The rules are substantially similar to those already announced by the Fed on Oct. 21.<blockquote>2021年10月27日：四名民主党参议员提出了一项新法案，该法案将收紧道德规则，禁止交易任何个股（或大宗商品、虚拟货币或“可比金融利益”）。这些规则与美联储10月21日已经宣布的规则基本相似。</blockquote> November 3, 2021:Powell tells reporters that he has briefed administration officials and members of Congress on the Fed’s ethics rules, adding that he isstill soliciting feedback on making further changes. He declines to say if President Joe Biden was among those briefed.<blockquote>2021年11月3日：鲍威尔告诉记者，他已向政府官员和国会议员简要介绍了美联储的道德规则，并补充说他仍在征求有关进一步改变的反馈。他拒绝透露总统乔·拜登是否在听取简报的人之列。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html\">finance.yahoo</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/a-timeline-of-the-federal-reserves-trading-scandal-104415556.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138384538","content_text":"A reputational crisis at the Federal Reserve has led to the resignation of two senior officials within the central bank, raising questions about the strength of the Fed’s guardrails around personal financial interests.\nIn September 2021, media reports highlighted several large financial transactions carried out by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren during 2020. As the heads of two of the Fed's network of 12 reserve banks, both were instrumental in engineering the Fed’s response to the financial fallout from the COVID-19 pandemic.\nRosengren and Kaplan would promise not to do any more trading during their tenure as senior Fed officials, but would later announce early retirements as the public fallout expanded.\nFed Vice Chairman Richard Clarida would also likely catch scrutiny for rotating millions of dollars out of bond fund and into stock funds in February 2020— right before the Fed started slashing interest rates.\nAt the direction of Fed Chairman Jerome Powell, the Federal Reserve Board (the system's headquarters in Washington) is now in the process of a system-wide review regarding its ethics practices. Questions have been raised as to why members of the policy-setting Federal Open Market Committee (FOMC), with immense power to move markets, would ever be allowed to personally profit on trades.\n“No one is happy,” Powell told the press on Sept. 22. “No one on the FOMC is happy to be in this situation, to be having these questions raised. It's something we take very, very seriously.”\nPeter Conti-Brown, a professor at the University of Pennsylvania who has written about Fed independence, told Yahoo Finance that the entire situation is a “calamity and a scandal” for the Fed.\n“I think central bankers should never be under a cloud of suspicion that they’re advocating for policies that will enrich them,” Conti-Brown said, adding that he would support a wholesale ban on any senior Fed official holding any individual stocks.\nSan Francisco President Mary Daly, whose financial disclosures showed no individual stock holdings, told reporters Sept. 29 that she acknowledges the American public’s concern that the Fed’s existing ethics rules are “not sufficient.”\nBoston Fed President Eric Rosengren (left) and Dallas Fed President Robert Kaplan (right) announced early retirements. Credit: Getty and Reuters\nHere’s a timeline of all the events related to the central bank’s ethics debacle (as of Thursday, November 4, 2021):\nSeptember 7, 2021:The Wall Street Journal reports that Kaplan made multiple stock trades in 2020, with several $1 million dollar-plus stakes taken in Apple, Delta Air Lines, Occidental Petroleum, and iShares Floating Rate Bond ETFs, among others.\nSeptember 8, 2021:Bloombergreportsthat Rosengren made multiple purchases and sales in REITs and other securities in 2020, during which he was publicly warning of contagion in real estate markets. The Boston Fed said the trades were not done via a blind trust and were “consistent” with ethics rules.\nSeptember 9, 2021:Federal Reserve Banks of Boston and Dallas simultaneously issue statements with nearly identical language, both noting that their financial transactions complied with the Fed’s ethics rules. The statements said both presidents would dump their holdings by Sept. 30 (with reinvestment into diversified index funds or cash savings), alongside a promise that they would not be active in those accounts as long as they remained presidents.\nSeptember 15, 2021:Sen. Elizabeth Warren (D-Mass.)writes to all 12 Federal Reserve banksasking them to, within 60 days, impose a ban on the ownership and trading of individual stocks by senior officials.\nSeptember 16, 2021:Federal Reserve Board issues a statement via a spokesperson noting that Powell directed Board staff the week prior to “take a fresh and comprehensive look at the ethics rules around financial holdings and activities by senior Fed officials.” Fed notes that its rules on personal financial practices are “stricter than those that apply to Congress.”\nSeptember 22, 2021:Powellfields questions from the press, insisting he was not aware of the trading until after both presidents had filed disclosures (which are filed on an annual basis). Powell reiterates the Fed's existing restrictions, such as not being able to trade immediately before and during a policy-setting meeting. But the Fed chief admits “no one is happy” about the situation.\nPowell said his personal financial interests includes ownership of municipal securities that he \"froze\" in 2019, holdings that he says were not tradedduring the Fed’s emergency measures in 2020.\nSeptember 27, 2021:Before the market open, Boston Fed President Eric Rosengren announces he will pull forward his retirement by nine months, citing the “worsening of a kidney condition.” Rosengren, who was originally scheduled to retire in June 2022, makes no mention of his REIT trades and says his last day will be September 30, 2021.\nAfter the market close, Dallas Fed President Robert Kaplan says he will step down October 8, 2021, noting that his financial dealings risk \"becoming a distraction to the Federal Reserve’s execution” of its monetary policy.\nSeptember 28, 2021:Powell answers questions from Congress, telling the Senate Banking Committee that the Fed is “also looking carefully at the trading that was done to make sure that it’s in compliance with our rules and the law.\"\nA Securities and Exchange Commission spokesperson tells Yahoo Finance it \"does not comment on the existence or nonexistence of a possible investigation.\"\nSeptember 30, 2021:Rosengren retires as Boston Fed President, with First Vice President Kenneth Montgomery stepping up to serve as interim president. A committee of Boston Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.\nOctober 1, 2021:Bloombergreportsthat Fed Vice Chairman Richard Clarida traded between $1 million and $5 million out of a Pimco bond fund and into two stock funds. The shift happened on February 27, 2020, a day before Powell issued a rare, impromptu statement reiterating the Fed's support of the economy. The transactions were disclosed via a government ethics filing. A Fed spokesman says the transactions \"represent a pre-planned rebalancing to his accounts.\"\nLater in the day, Warren writes to the SECasking them to investigate the extent, timing, and rationale of the trades \"to determine if they may have violated insider trading laws.\"\nA Fed spokesperson says in the afternoon that it began discussions the week prior with the central bank's Office of Inspector General to conduct an independent review of whether the trades were \"in compliance with both the relevant ethics rules and the law.\"\nOctober 8, 2021:Kaplan retires as Dallas Fed President, with First Vice President Meredith Black delaying her impending retirement to serve as interim president. A committee of Dallas Fed board directors (not affiliated with regulated banks or financial institutions) will select a permanent replacement, who would need to be approved by the Fed Board.\nOctober 12, 2021:Clarida speaks at an Institute for International Finance event and indirectly addresses his 2020 transactions, saying: \"I've always acquitted myself honorably and with integrity and respect to the obligations of public service.\"\nClarida was scheduled to be interviewed (by this reporter) at a Society for Advancing Business Editing and Writing event on Oct. 13, but the Fed informed SABEW a week prior that the appearance would be cancelled.\nOctober 18, 2021:The American Prospecthighlightsa financial disclosure showing Powell selling shares from a Total Stock Market Index Fund in October 2020. Unlike the trades done by Rosengren and Kaplan, the fund is a broad market index (with exposure to all U.S. equities).\nOctober 21, 2021:The New York Times reports that the Federal Reserve Board sent an email to senior Fed system officials in the early weeks of the pandemic warning them to avoid unnecessary trading for a few months.\nWarren sends a letter to the Federal Reservedemanding the release of more details on any other ethics advice given to Fed officials.\nLater in the day, Powell announces \"tough new rules\"that bar senior officials from actively trading and prohibits the purchase of any individual securities. The new rules effectively only allow purchases of diversified investment vehicles (like mutual funds), and cannot be done during times of \"heightened financial market stress\" like the spring of 2020.\nOctober 22, 2021:The Senate Banking Committee's top Republican, Pat Toomey of Pennsylvania, issues a statement saying Powell should be \"commended for effectively addressing this issue.\"\nOctober 27, 2021:Four Democratic senators introduce a new bill that would tighten ethics rules, barring trading in any individual stocks (or commodity, virtual currency, or “comparable financial interest”). The rules are substantially similar to those already announced by the Fed on Oct. 21.\nNovember 3, 2021:Powell tells reporters that he has briefed administration officials and members of Congress on the Fed’s ethics rules, adding that he isstill soliciting feedback on making further changes. He declines to say if President Joe Biden was among those briefed.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":701,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/846641568"}