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00:00So there has been discussion recently about the Fed. Some Fed members, pred board presidents selling their securities and maybe not doing everything they were supposed to do in terms of disclosing it. What have you done to fix that process? We've put a new system in a new set of rules in place, which I think are best in class for a public institution like the Fed. And, you know, the innovations were that that if someone wants to sell something that they own or buy something, they have to clear that in advance with with staff at the board of governors. And then you've got to wait 45 days for that to execute. Also, you can't own individual stocks and you can only do these. You can only authorize these transactions or execute them during specific times. And, you know, it's it's a. And we just call of course, all of these are disclosed. If you're if your idea is to go to trade things, buy and sell them, because you think you know, you think this stock is cheap in that kind of thing, that's just not something that will work. What is the salary of the chairman of the Federal Reserve Board? It's it's around one hundred and ninety thousand dollars, I believe. So you live on one hundred ninety thousand dollars. If you need to sell somebody, what do you do? You have to clear it for 45 days. That's right. We have to have family expenses that if we have them that exceed my salary, then we have to sell. And I don't think that's a fair salary for the job or I do. Yes. OK.

Fed Chair Powell on the Fed's New Trading Disclosure Rules

Federal Reserve Chairman Jerome Powell addresses the Fed's new trading disclosure rules for officials on "The David Rubenstein Show: Peer-to-Peer Conversations". This was recorded February 7 in Washington DC. (Source: Bloomberg)

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