Powell On Whether There Was Reputational Damage Following Fed Trading

Was there reputational damage to the Fed as a result of Fed presidents trading?

• A: "It's too soon to say what the reputational damage is. ... we need to make sure we do whatever it takes to make sure nothing like this happens again. I like to think we made a good start on this."
• "We have to write the rules, which we are doing as quickly as possible.... We need more people. We are going to have to resource this much more significantly here at the Board. And we are going to need appropriate technology. The Fed system has more than 30,000 employees. Far fewer of them will be covered by this. But the senior officers who will be covered by this will have to have technology access and it's going to have to work efficiently. There is a lot of work to do to implement."
• "The system was what it was, it proved to have weaknesses in it... What can we do? We are where we are, it happened, and we have to deal with it forthrightly and transparently, and own it."