Trading activities by Federal Reserve Chair Jerome Powell and former Vice Chair Richard Clarida did not violate any laws, rules or policies, the Fed's independent Office of Inspector General said on Thursday.

It did, however, say that Clarida failed to report several trades on required disclosure forms and that a financial adviser for the Powell family trust executed five trades during the sensitive period around a Fed policy-setting meeting, when trading is not allowed.

The report, covering trading activity from 2019 to 2021, was the result of a nine-month investigation by the independent watchdog after the disclosure last September that two regional Fed bank presidents had been actively engaging in the financial markets even as the central bank launched a barrage of rescue programs and bond purchases to stem the economic fallout from the pandemic.

The inspector general said it reviewed relevant records, Board email accounts, financial disclosure reports, brokerage statements and other trading data, as well as conducted interviews with "relevant individuals" as part of its investigation.

"In the end, the OIG determined conclusively that I did not violate any statutes, rules, regulations, or standards," Clarida said in a separate statement. "I have always been committed to conducting myself with integrity and respect for the obligations of public service, and this report reaffirms that lifelong commitment to exceeding ethical standards."

The watchdog said its review of Fed Board members' trading activities was complete, but that its probe of top Fed bank officials was ongoing.