Federal Reserve Chairman Jerome Powell sold between $1 million and $5 million in stocks at the beginning of October 2020 - a month that turned out to be the worst for Wall Street since the beginning of the COVID-19 pandemic.
The transaction, which is noted on a public disclosure form Powell signed off on in May and was first reported Monday by The American Prospect, is an uncomfortable echo of activities that led to the recent resignations of two regional leaders of America's central bank.
The disclosure form indicates that Powell sold the Vanguard Total Stock Market Index Fund shares on Oct. 1, 2020.
As Powell played the market, he was calling on Congress to pass a second COVID-19 relief bill even as negotiations between lawmakers and the Trump administration were in a stalemate.
Powell has said that the Fed would change its ethics policies in the wake of the disclosures.
In a Senate floor speech Oct. 5, Warren called out Powell and said he had "Failed as a leader."
Fox Business Network reported Monday that at least eight Republican senators have said they would vote to confirm Powell for a second term.
https://nypost.com/2021/10/18/fed-chair-powell-sold-millions-in-stocks-before-october-2020-tank/
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