While it is widely known that mutual funds are popular among regular citizens, a Virginia watchdog group has learned that funds are also the investment vehicle of choice for the governors of the Federal Reserve, The Chicago Sun Times reports.
Excluding Chairman Alan Greenspan, who keeps his money in Treasury Bills, the watchdog Financial Markets Center said all the Fed governors and their spouses have mutual funds. In fact, the six combined have nearly 100 different fund positions, not counting money markets.
The Financial Markets Center got the information by checking the governors financial-disclosure forms. They said that Robert Ferguson had the noisiest fund portfolio, with 25 mutual funds.
While the governors were not required to disclose exactly how much they are worth, they did have to check off a range from multiple-choice answers. Greenspan said he had assets of between $4.3 million to $9.4 million. Susan Bies reported to be the wealthiest, coming in between $7.7 million and $18 million.