Raphael Bostic is president of the Federal Reserve Bank of Atlanta.
A report by the Federal Reserve’s Office of Inspector General has raised suspicions of Bostic’s trading:
- Bostic “created an ‘appearance of acting on confidential FOMC information’
- ‘appearance of a conflict of interest’ that could cause a reasonable person to question his impartiality”
- breached the FOMC’s blackout and trading preclearance rules
- breached disclosure statement and prohibited holdings policies
The investigation was requested by Federal Reserve Chair Powell.
More at Reuters:
- Trades on Bostic’s behalf took place during prohibited “blackout” periods around Federal Open Market Committee meetings 154 times between March 2018 and March 2023, investigators found.
- filed inaccurate disclosure forms
- held more Treasury securities than allowed
- twice executed trades that were different than those that he sought clearance for
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I don’t really see how he can remain as Altanta Fed President given the extent of the breaches. But, I ain’t a lawyer.