Fed’s Bostic corrects disclosure forms, says transactions ‘should have been listed’

Atlanta Federal Reserve Bank President Raphael Bostic said his personal financial managers made transactions in violation of central bank rules, revelations that prompted Chairman Jerome Powell to open the door. investigated in a new chapter of the ethics scandal that engulfed the Fed last year.

Bostic said in a statement Friday that he was unaware of the specific transactions or the timing of the transactions, which were conducted by third-party managers in accounts he was unable to. transaction guidance. He detailed the transactions in corrected disclosure forms posted to the Atlanta Fed’s website.

“I take very seriously my responsibility to be transparent about my financial transactions and avoid any actual or perceived conflicts of interest,” Bostic said in the statement.

He said he had “come to find out, however, that although I am not capable of directing transactions in these accounts, transactions directed by a third party, not just the account itself, are assets, should have been listed on my annual financial disclosure form. . “

A Fed spokesman said Powell asked IG to review Bostic’s disclosures and “we expect the results of their work and will accept and take appropriate actions based on their findings.” .”

The revelations add a new chapter to the Fed’s ethics scandal that erupted last year.

The Fed overhauled its ethics rules in 2021 after revealing unusual 2020 trading activity by several senior officials as the central bank slashed interest rates to near zero and launched emergency loan programs to protect the economy as the pandemic spreads.

Then-Fed President Robert Kaplan and his Boston colleague, Eric Rosengren, both announced their early retirement following the revelation, Rosengren, citing poor health. Fed Vice Chairman Richard Clarida also came under close scrutiny of his trading before the Fed issued a statement signaling it was ready to calm the market panic. He resigned on January 14, 2022, before his term as governor expires on January 31.

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