The American People Deserve to Know if Laws Were Broken
WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, released the following statement on reporting that the Fed is working with the Office of Inspector General in its review of trades made by senior central bank officials during the pandemic:
“We welcome news that the Federal Reserve is working with the Fed’s Inspector General in its review of actions by the most senior leaders of the Fed who traded for personal profit while making decisions that had to impact the value of those trades. We hope the SEC and the department of justice will conduct their own thorough, independent investigations of this egregious conduct.
“We know this pandemic trading breached the public trust and violated the Fed’s own clear and applicable policies, but the American people are entitled to know if it also broke the law. We call on Fed Chair Powell to agree to release the results of all investigations so that the American people can see for themselves whether the Fed’s leaders put personal profit over their public duty.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.