S. 3076 · 117th Congress
Ban Conflicted Trading at the Fed Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BrownSponsor4 cosponsors · 4 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill imposes investment restrictions on certain Federal Reserve employees.
What it does: CRS summary · Introduced in Senate · Oct 26, 2021
Ban Conflicted Trading at the Fed Act
This bill imposes investment restrictions on certain Federal Reserve employees.
Specifically, members of the Board of Governors of the Federal Reserve System and presidents or vice presidents of a Federal Reserve bank are prohibited from (1) purchasing or selling a specified investment, including an investment in a security, a commodity, virtual currency, or a future; or (2) entering into a transaction that creates a net short position in a security. (A short position is an investment strategy employed when an investor anticipates a short term decrease in the investment's price.) Investments held prior to taking office may not be bought or sold, except for approved placement in a blind trust or divestiture during a specified time period.
Further, Federal Reserve bank presidents, vice presidents, and directors must make annual and periodic financial and transaction disclosures.
Finally, the Board of Governors of the Federal Reserve System must issue rules within 90 days of enactment requiring Federal Reserve board members, presidents, vice presidents, and senior staff (1) to provide 45 days advance notice of investment transactions, and (2) to hold investments for at least 1 year from the date of transaction.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Ban Conflicted Trading at the Fed Act
Latest action (Oct 26, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Oct 26, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.