Fed to increase staff members, tighten restrictions on access

By Ovunc Kutlu

ISTANBUL (AA) - The US Federal Reserve announced Wednesday that it will increase the number of its staff and tighten restrictions on all staff members with access to confidential Federal Open Market Committee (FOMC) information.

In addition, the policy includes a new compliance regime where staff with access to the most sensitive FOMC information may be directed to submit brokerage statements or other securities transaction statements to verify the accuracy of their financial disclosures, it said in a statement.

"The existing policy already prohibits senior Federal Reserve officials involved in monetary policy decision-making from purchasing individual stocks or sector funds; holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies; entering into derivatives contracts; and engaging in short sales or purchasing securities on margin," said the statement.

"The policy also requires those officials to provide 45 days' non-retractable notice for securities transactions and receive prior approval," it added.