Charles Payne: Federal Reserve announces new trading rules for senior officials
Charles Payne says the Fed will need to figure out if they want to work for Wall Street or Main Street
Charles Payne: You have to build your wealth through ownership
FOX Business host breaks down the Fed's new rules on 'Making Money.'
FOX Business host Charles Payne provides insight on the Federal Reserve’s new trading rules for senior officials Friday on "Making Money."
CHARLES PAYNE: So major news, folks: The Federal Reserve announcing moments ago it's adopting new rules for investment and trading activities for senior officials. Now, it's going to take effect starting May 1st. Senior Federal Reserve officials are prohibited from purchasing individual stocks or sector funds; holding investments in actual bonds, agency securities, cryptocurrencies, commodities or foreign currencies; also entering any derivative contracts, engaging in short sales or purchasing securities on margin. There were also a series of other checks that have to be approved if you want to buy certain securities. Trading will be prohibited during periods of heightened financial market stress, and there are more rules coming on top of all of that.
Now, these are certainly hard measures, and I think Congress should look at them and adopt something very similar. You know, we need to rebuild confidence in major pillars of society, and none has lost more faith than Congress. Now, the Fed has to figure out if they want to work for Wall Street and Main Street. That's the next thing they're going to have to do. You know, I think it's really the former right now. I think they really work for Wall Street, sadly making it a woke entity, which is what the Biden administration would like to do. It's going to hurt Main Street even more because investments will dry up for broad growth, and really, it will curb or even eliminate certain industries through these new rules or intimidation that we've been hearing about.
