Senate banking chief plans bill to address Fed officials’ stock trades

FILE PHOTO: Potential 2020 Democratic presidential candidate Brown (D-OH) speaks at a meet and greet on his "Dignity of Work" tour in Concord

(Reuters) – The head of the U.S. Senate Banking Committee on Tuesday said he plans to introduce legislation that would ban ownership of individual stocks by Federal Reserve officials in the aftermath of revelations that two reserve bank presidents had been active investors.

Democratic Senator Sherrod Brown of Ohio told Fed Chair Jerome Powell of his intent to introduce the legislation at the start of a hearing Brown’s committee was holding to review actions by the Fed and U.S. Treasury to shield the economy during the coronavirus pandemic.

(Reporting By Dan Burns)