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Fed's Powell, Clarida trading activities violated no rules: watchdog

·1 min read

July 14 (Reuters) - Trading activities by Federal Reserve Chair Jerome Powell and former Vice Chair Richard Clarida did not violate any laws, rules or policies, the Fed's independent Office of Inspector General said on Thursday.

The report was the result of a nine-month investigation by the independent watchdog into trading by Fed Board members and top officials at the regional Fed banks, covering 2019-2021 and including the period when the Fed was undertaking a rescue of financial markets amid the pandemic crisis. The watchdog said it had concluded its investigation of Board officials but that its probe of top Fed bank officials was ongoing. (Reporting by Ann Saphir and Lindsay Dunsmuir; editing by Jonathan Oatis)