Fed Chair Jerome Powell sold up to $$5 million in stock before October 2020 shortly before the market tanked . Robert Kaplan, president of the Federal Reserve Bank of Dallas, and Eric Rosengren, president of the Federal Reserve Bank of Boston – bought and sold stocks and real-estate tied assets last year as the central bank undertook aggressive policy action to shore up the economy. Kaplan traded millions of dollars of stock in companies, including Apple, Amazon and Google, while Rosengren traded in stocks and real estate investment trusts, according to financial disclosure forms. Both men resigned following the controversy. Powell still heads the Fed . Any move the Fed makes has an immediate impact on the stock market .

Quid has to decide about re-nominating Powell. He is a favorite of leading Repubs and is opposed by the progressive wing of the Dems.

But his leadership of the Fed is the issue to me . His trade happened during negotiations of a covid stimulus package Madam Mim supported ; a plan Trump ultimately rejected but the Dems pushed through in December . Powell was pushing for the stimulus deal at the time he made the trades. Powell had contact with Treasury Secretary Steven Mnuchin 4 times Oct 1 before the trades . Fed's self imposed "code of conduct" does not prevent such trades ;only discourages them (should be above reproach)

Previously Federal Reserve Vice Chairman Richard Clarida moved between $1 million and $5 million out of one mutual fund and into two other funds on Feb. 27, 2020, the day before Powell signaled a potential interest rate cut due to the pandemic. While these trades were happening in October ,the stock market was about to tank.

So the chair and major Fed members were getting rich from insider trading during the pandemic. That is a disqualifier no matter which party they are registered in .

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Quid has to decide

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I'm not sure Biden is capable of making serious decisions. More likely his "handlers" have to make that decision.

Jerome Powell in testimony admitted his lie about inflation being transitory was just that, a lie. Because of his big lie investors were lulled into continuing to chase high stock returns when they should've been transitioning to safer investments. Because of his big lie, the value of American's money, that they have painstakingly saved erodes. Because of his big lie, all the wage gains these last few months have been eroded.
The Fed 's task is clear. Their job is to ensure stable prices and a sound currency. Under his leadership they have miserably failed. He now belatedly will take steps to ease the Fed's loose money policy. . But it is too late to fix the problems those polices have done.Powell’s Fed has forced millions of Americans to choose whether to pay the mortgage, feed their families, fill up their gas tanks, heat their homes or buy Christmas presents. Instead of taking immediate action to address this crisis, the Fed has hidden behind Powell's “transitory” bs .

Clueless Joe has renominated Powell for the job. The only reason I have at all for supporting his nomination is that I dread to see who Clueless Joe would pick as his replacement.


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