- Federal Reserve chairman Jerome Powell dumped between $1 million and $5 million in his personal stock before the COVID-19 crisis hit in 2020, according to reports.
- “Powell’s sale of shares from a Vanguard Total Stock Market Index Fund has not been previously reported. This sale occurred right before the Dow Jones Industrial Average suffered a significant drop,” said the report.
- “There is no American with more insider knowledge about government policy that drives financial market movements than the chair of the Federal Reserve,” the report emphasized.
Sarah K. Burris from Rawstory writes:
“The American Prospect is reporting that Federal Reserve chairman Jerome Powell dumped between $1 million and $5 million in his personal stock before the COVID-19 crisis and the economic crash that began in early 2020.
“Powell’s sale of shares from a Vanguard Total Stock Market Index Fund has not been previously reported. This sale occurred right before the Dow Jones Industrial Average suffered a significant drop,” said the report.
Powell joined with three other senior Federal Reserve officials who made stock trades during the pandemic as the economy went into freefall. Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren took an “early retirement” after disclosing their COVID-19 stock trades. Those trades are now under investigation by the Federal Reserve Inspector General and SEC. Fed Vice Chair Richard Clarida is also coming under fire for questionable stock trades.
“There is no American with more insider knowledge about government policy that drives financial market movements than the chair of the Federal Reserve,” explained the Prospect. “And as COVID caseloads, hospitalizations, and deaths spiked last fall, the economy was in a precarious condition. October turned out to be the stock market’s worst month since March 2020, when the pandemic began…”
See full story here.
Categories: Business, Government, Politics
Economic Left 
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