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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.

“I recognize it is my responsibility to understand and abide by every obligation of this office,” he said. “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.”

He also said in the statement that his holdings of Treasurys in 2021 exceeded the limits outlined in Fed guidelines. 

“We welcome this review and will cooperate fully to ensure this matter is effectively resolved,” the Atlanta Fed said in a statement.

“I sincerely regret if my actions raise questions about my standards, behavior, or motivation, the Federal Reserve Bank of Atlanta’s systems and processes to maintain the public trust, or the commitment of the Federal Reserve to transparency and accountability in fulfilling its mission,” Bostic said.