Atlanta Fed President Bostic violated Federal Reserve trading rules

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

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.

This article was written by Eamonn Sheridan at www.forexlive.com. Source