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

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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.

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