Atlanta Fed President Raphael Bostic released a seven-page explanation of the incident and has filed corrected disclosures.
its board of directors was"made aware" of inaccuracies in Bostic's financial disclosure forms, transactions that took place during blackout periods and holdings he owned that violated guidelines set by the Fed's market-governing committee; it announced the Fed's Office of Inspector General is investigating the matter.
He further outlined a series of dozens of transactions from each year between 2017 and 2021, and said he worked with the Fed to provide corrected information"as soon as" he became aware of the discrepancies"in recent months." Additionally, Bostic says he"inadvertently" miscalculated income for some assets in retirement accounts and that he has divested in assets barred by new tradingThe Atlanta Fed said Bostic"thoroughly corrected" the forms dating back to when he first took the position as president in 2017 and that its board has"confidence" in Bostic's explanation that he did not seek to profit from any nonpublic Fed knowledge.
criticism. After the disclosures, Powell ordered a sweeping review of the rules governing Fed officials’ trades before coming up with the new trading rules that were implemented in May."I want to be clear: At no time did I knowingly authorize or complete a financial transaction based on nonpublic information or with any intent to conceal or sidestep my obligations of transparent and accountable reporting," says Bostic.
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