Federal Reserve Board senior staff and policymakers will have to give a 45-day notice to buy and sell securities and hold the investments for at least one year to eliminate any conflicts of interest under new regulations announced by the central bank on Thursday, APA reports citing CNBC.
The restrictions will also prohibit affected employees from purchasing individual stocks, holding investments in individual bonds, holding investments in agency securities (directly or indirectly), or entering into derivatives, the Fed said in a press release.
"These tough new rules raise the bar high in order to assure the public we serve that all of our senior officials maintain a single-minded focus on the public mission of the Federal Reserve," Federal Reserve Board Chair Jerome Powell stated.
The rules require 45 days' advance notice and prior approval for purchases and sales of securities, that investments be held at least a year. In addition, no purchases or sales will be allowed during periods of heightened financial market stress, the release added.
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