The Atlanta Federal Reserve bank president violated the US central bank’s trading rules and created the “appearance” of benefiting from confidential information, an internal watchdog said in a report on Wednesday.
The Fed’s independent inspector general concluded that Raphael Bostic had repeatedly broken its trading policies since becoming president of the Atlanta Fed in 2017, including 154 trades executed on his behalf during communications blackouts ahead of Fed rate-setting meetings.
While the report concluded Bostic did not trade on confidential Federal Open Market Committee information or have any conflicts of interests, the scope and timing of the transactions sparked alarm.
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