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September 21, 2021

The Fed Cannot Have a “Do As I Say, Not As I Do” Policy Regarding Legal and Ethical Compliance; It Has to Lead By Example and Terminate Any Fed President Who Engaged in Pandemic Profiteering

Tuesday, September 21, 2021
Contact: Evelyn Swan at 202-618-6433 or

WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in connection with a letter Better Markets sent to the Chairman of the Federal Reserve, Jay Powell, regarding the termination of Fed Presidents who traded during the pandemic: 

“As the Fed acknowledges, the trust of the American people is essential for it to effectively carry out its mission.  Therefore, the conduct of all senior officials of the Federal Reserve must be above reproach.  Those leaders must lead by example on ethics, integrity, compliance, and modeling appropriate behavior.  That is critical not only for those they lead at the Fed but also for those they regulate and police on Wall Street.  The Fed cannot have a policy of “do as we say, not as we do” when it comes to ethics and compliance.

“The pandemic profiteering trading by regional Fed presidents has undermined the trust of the American people in the Fed.  It has also robbed the Fed of its moral authority to police the largest banks on Wall Street.  The Fed needs to hold itself to the highest standards and fully comply with the letter and spirit of the law.  Because that has not happened here, the regional Fed Presidents who engaged in the pandemic profiteering trading should resign and, if they do not, they should be fired.

“That is the first step the Fed Chair must take.  He must then disclose all the trading information of anyone at the Fed who traded while in possession of nonpublic information as well as all information regarding those who sought trading approval.  He must also request that the SEC, DOJ and Fed IG do thorough, independent investigations because the Fed cannot credibly investigate itself.  The stakes are high here and the Fed Chair must take swift, comprehensive action, not engage in PR and damage control which will lack credibility.  Only then will the Fed actually deserve the trust that it requires.”


Better Markets is a non-profit, non-partisan, and independent organization founded 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

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