Fed Chair Jerome Powell Sold Millions in Stock as Dow Tanked
Federal Reserve chair Jerome Powell sold between $1 million and $5 million worth of stock from his personal account as the COVID-19 pandemic ravaged the U.S., according to The American Prospect. And although top Fed officials—who have privileged knowledge of the economy’s inner workings—are not required to put their assets into a blind trust while serving, two other Fed honchos were forced into early retirement after disclosing their own trades last month. Powell’s big stock sale occurred on October 1, 2020; the Dow would tumble 1,600 points that month, the worst month since the beginning of the pandemic. (The Dow made up its losses in the period to follow.) Powell’s latest financial disclosure statement puts his personal wealth in the range of $20 million to $55 million.