(Reuters) – Raphael Bostic, president of the Federal Reserve’s Atlanta branch, violated the U.S. central bank’s rules on financial investments, the Fed’s internal watchdog said on Wednesday.
The Office of Inspector General (IG), however, emphasizes that these investments were not made on the basis of confidential information.
Raphael Bostic nevertheless gave “the impression of a conflict of interest likely to lead a reasonable person to question his impartiality,” according to an IG report.
The president of the Atlanta Fed had already officially acknowledged a series of errors in his financial statements.
Documents made public in September 2021 showed that the presidents of the Fed’s Dallas and Boston branches at the time were actively investing in financial markets while helping to set U.S. monetary policy through their roles. Robert Kaplan, who headed the Dallas Fed, and Eric Rosengren, his Boston counterpart, left their positions shortly afterward.
(Written by Michael S. Derby, Bertrand Boucey)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
