The Federal Reserve is investigating trades that Raphael Bostic — the head of the central bank’s Atlanta district — made during restricted periods.
There were multiple incidents over the past years in which Bostic’s investment activity violated Fed restrictions and blackout periods, the central bank said its Office of Inspector General would be reviewing the matter further.
Fed Chair Jerome Powell “has asked the Office of Inspector General for the Federal Reserve Board to initiate an independent review of President Bostic’s financial disclosures,” a Fed spokesman said. “We look forward to the results of their work and will accept and take appropriate actions based on their findings.”
There were also disclosures that Powell had been involved in trades during blackout periods in 2020. Trades from former Vice Chair Richard Clarida also came under question, though the inspector general cleared both officials of wrongdoing.
In a statement issued along with his amended disclosure forms, Bostic apologized for the controversy.
