CNBCBRIEFING ROOM
Remarks by President Biden Before the 76th Session of the United Nations General Assembly
SEPTEMBER 21, 2021
United Nations Headquarters
New York, New York
10:01 A.M. EDT
THE PRESIDENT:
One of the most important ways we can effectively enhance security and reduce violence is by seeking to improve the lives of the people all over the world who see that their governments are not serving their needs.
Corruption fuels inequality, siphons off a nation’s resources, spreads across borders, and generates human suffering.
It is nothing less than a national security threat in the 21st century.
Around the world, we’re increasingly seeing citizens demonstrate their discontent seeing the wealthy and well-connected grow richer and richer, taking payoffs and bribes, operating above the law while the vast majority of the people struggle to find a job or put food on the table or to get their business off the ground or simply send their children to school.
"Dallas Fed President Kaplan to retire early on Oct. 8, citing trading disclosure ‘distraction’"
Jeff Cox @JEFF.COX.7528 @JEFFCOXCNBCCOM
PUBLISHED MON, SEP 27 2021
KEY POINTS
* Dallas Fed President Robert Kaplan said Monday he is stepping down from his position following a controversy over his stock holdings.
* Boston Fed President Eric Rosengren, who had come under similar scrutiny, announced earlier in the day that he was retiring.
Dallas Federal Reserve President Robert Kaplan became the second regional central bank leader to resign Monday, saying he was stepping down early following a recent controversy over stock market trades he made.
Kaplan’s early retirement follows an announcement earlier in the day from Boston Fed President Eric Rosengren, who said he will leave as well but cited health concerns and not the issue over his investment portfolio activity.
“The Federal Reserve is approaching a critical point in our economic recovery as it deliberates the future path of monetary policy."
"Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve’s execution of that vital work,” Kaplan said in a statement.
His retirement takes effect Oct. 8.
The resignations come a day before Fed Chair Jerome Powell is to spend two days on Capitol Hill updating legislators on the Fed’s efforts to combat the economic impact of the Covid-19 pandemic.
Controversy had swirled over the issue following disclosures that Kaplan in particular had been executing large-dollar trades in big-name companies such as Amazon, Apple and Delta Airlines.
The Wall Street Journal first reported the trades.
Subsequent to the disclosures, both Kaplan and Rosengren said they would be selling their stocks to avoid the appearance of conflict.
Questions were raised because the Fed has conducted trillions of dollars in asset purchases aimed at helping markets function, and has bought corporate bonds from mega-cap companies including Apple.
Kaplan insisted he had done nothing wrong.
“During my tenure, I have adhered to all Federal Reserve ethical standards and policies,” he said in his monthly statement.
“My securities investing activities and disclosures met Bank compliance rules and standards.”
Still, the issue has reverberated through the Fed, with officials pledging to tighten rules so that such potential conflicts don’t happen again.
“We need to make changes, and we’re going to do that as a consequence of this,” Powell said last week.
“This will be a thorough going and comprehensive review."
"We’re going to gather all the facts and look at ways to further tighten our rules and standards.”
Powell vowed that changes would be made.
“I want to be able to look back on this years from now and know that we rose to meet this challenge and handled the situation well and that what we did made a lot of sense and protected the public’s interest and the institution that we’re all a part of,” he said.
Powell on Monday wished Kaplan well and praised his work at the Dallas Fed.
“He has been a passionate and forceful public voice on a wide range of issues, including the critical value of early childhood education and literacy,” the chairman said in a statement.
Meredith Black, the first vice president at the Dallas Fed who herself was planning on retiring, will serve as interim head for the district until a permanent successor is chosen.
https://www.cnbc.com/2021/09/27/dallas- ... ction.html