Taking a Fed job? What you may have to sell
If you've accepted an offer from the Federal Reserve Board or a Reserve Bank, check what you own before your start date. The rules apply from day one, and they cover your spouse's and minor children's holdings too.
What usually has to go
- Bank holdings: stock, bonds, preferred shares or options of any bank, savings institution or company that owns one, U.S. or foreign. This includes big names like JPMorgan, Bank of America and Wells Fargo, and less obvious ones like American Express, Capital One, Ally and many foreign banks.
- Financial-sector funds: funds that concentrate in banks or financial services, such as financials or regional-bank ETFs.
What you can usually keep
- Broad index funds, such as S&P 500, total-market, international and aggregate bond funds
- Individual stocks of companies that don't own a bank
- Your bank accounts, CDs, credit union accounts and insurance
- U.S. savings bonds, and your 401(k) or IRA, checked fund by fund
If your role comes with FOMC access
More limits apply as access goes up. Senior roles that count as FOMC covered individuals can't buy individual stocks, bonds, crypto or commodities, and must sell prohibited holdings within six months of becoming covered. Your offer letter or ethics office will tell you which group you're in.
What to do before your first day
- List everything you, your spouse and your minor children own, including retirement accounts.
- Run the list through the Check a list tool. It's free and needs no login or account numbers.
- Bring the printed results to your ethics office, and ask about deadlines and any waiver. HR can connect you if you don't know who that is.
- Ask before selling. Selling can trigger capital gains tax, so ask whether a certificate of divestiture, which can defer that tax, is available for your position.
Common questions
Do I have to sell my bank stock before I start at the Fed?
Usually, yes. Ask your ethics office for your deadline. The Reserve Bank code says a directed sale is ordinarily due within 90 days.
Can I keep my S&P 500 index fund?
Yes. Broad, diversified funds are allowed.
Does my spouse have to sell too?
Your spouse's and minor children's holdings count under the rules. At the Reserve Banks, a domestic partner's holdings count too.
Can I keep my checking account at a bank?
Yes. Deposits, CDs and credit union accounts are fine. The rule covers owning a bank's securities, not banking with it.
Sources (rules last checked October 12, 2026)
Screening guidance only, not an official Federal Reserve determination. Your ethics office makes the final decision, including any preclearance your role requires.