Economics
Fed’s Daly Says Trading Controversy Shows Need for Rule Changes
- It’s ‘clearly the case’ that rules on trading need to change
- Public’s trust is imperative for Fed to do job effectively
Mary Daly
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The 2020 trading activity that led to the resignation earlier this week of two Federal Reserve bank presidents is disappointing and shows that the central bank’s rules around financial-market activity need to be changed, San Francisco Fed President Mary Daly said.
“There’s this collective sense of disappointment that this is a distraction from that type of thing,” Daly said in a call with reporters Wednesday, referencing the Fed’s work to get the U.S. economy through the pandemic.