Jay Powell traded during restricted blackout period; failed to disclose most trade dates; apparently lied about muni conflict; directed massive Wall St bailouts despite conflicts
These are turbulent times not unlike the 1970s. Supply shortages, rampant inflation, domestic upheaval, foreign affairs fiascos. But some inane desire for “continuity” at Fed Chair is not worth sacrificing every principle for which America stands.
The Biden administration chose to reward corruption at the highest level of government by renominating Jerome H. Powell to Chair of the Federal Reserve Board. Next week, the U.S. Senate wants to rush a vote to bless corruption and confirm Powell in that powerful role. But reinstalling Powell as Fed Chair, after he presided over and is directly implicated in the biggest government official stock trading scandal ever, will be a permanent stain on American history — a national disgrace from which our country and its real economy will never recover.
Fed Chair Powell — who is supposed to serve in the public interest and avoid even the appearance of conflicts — traded millions in personal stocks and bonds while obstructing required public disclosures about those trades for years. Yet, the information that has slipped out is damning. It shows Powell made trades *DURING* the restricted blackout period for pivotal Federal Open Market Committee (FOMC) meetings. This is a shocking revelation and constitutes grave and inexcusable misconduct by a high-ranking U.S. government official.
Moreover, Powell directed policy decisions that directly advantaged his personal bond holdings despite longstanding federal conflicts of interest law, 18 U.S.C. § 208. And then he apparently told a brazen lie about it to the press by suggesting the Office of Government Ethics (OGE) said his holdings posed no conflict. FOIA requests confirm that OGE provided no such guidance in writing.
Set aside the fact Powell presided over the massive Fed trading scandal. His personal actions plainly bar him from serving in any government position of trust, much less the extremely powerful role of Fed Chair. Why hasn’t the media reported any of this? It seems most financial journalist are some combination of: (1) totally delusional, (2) under gag orders from superiors, or (3) complicit when it comes to systemic corruption at the Federal Reserve and Wall Street. Since mainstream media has failed our country, we are compelled to do what we can to help the cause of smaller outlets like Revolving Door Project and Wall Street on Parade in exposing the truth…
occupythefed.substack.com/p/fed-scandal-bigger-than-watergate