The Usain Bolt of Regulations — After much controversy, senior Fed officials, board members, policymakers, and even JPow himself are no longer allowed to:
- Purchase individual stocks,
- Hold individuals bonds,
- Hold agency securities (e.g. ACMBSs, AMBSs, etc.), or
- Enter derivative trades
These drastic and honestly admirable new changes come just weeks after the Presidents of the Boston and Dallas Fed branches were caught in 4k with their trades, and just days after we found out JPow was acting up too. Unlike most things in Washington this moved quickly and is widely agreed upon as good and reasonable regulations.
On the other hand, members of Congress like Nancy Pelosi, who trades in the leagues of Jim Simons and Peter Lynch, do not face similar restrictions. To no surprise, people on social media smelled and called bullsh*t, proposing similar measures be applied to Congressional policymakers as well. Good luck to all the TikTok traders tracking Nancy’s every move if this goes into effect!
Fire Up The Printers — “Pretty much there” is the way our governing overlords describe the state of coming to an agreement on the highly anticipated spending and infrastructure bills. The target of $2tn or less is significantly lower than the initial $3.5tn that was proposed, but Congress took their time and finally realized that if we’re gonna “Build Back Better” we need to actually start building at some point. Although no headline number was revealed, Congressional Democrats met at Joey B’s Delaware house and presumably hashed out the needed changes to reach a deal. Reporters asked Speaker Pelosi if voting on these efforts could be expected this week, to which she answered “that’s the plan.”
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