This week, a top official at the Federal Reserve announced he was retiring early.

He's the third Fed official to step down in the last six months.

All of them resigned amid controversy related to personal stock trading.

I think it was a shock to people who follow the Fed that something like this happened

because you didn't expect it from this place that was relatively apolitical and frankly

somewhat boring, right?

You just called the Fed boring?

Not boring to me, of course.

I find the Fed fascinating.

The controversy is that in 2020, these officials were making stock trades some worth millions

of dollars.

Did at the same time, they were also making major decisions at the Fed that swayed financial

markets.

It's one of the more serious reputational crises that the Fed has experienced in a long,

long time.

It gives critics of the institution something they can point to and say, see, these people

are not acting in our best interest.

They're acting in their own interest.

Welcome to the journal, our show about money, business and power.

I'm Kate Limbaugh.

It's Friday, January 14th.

Coming up on the show, the trading scandal rocking the Federal Reserve.

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