by Charlotte Hazard
President of the Atlanta Federal Reserve Bank, Raphael Bostic, is under investigation after he admitted to not disclosing specific trading activities that he was involved in during certain restricted time periods, the Epoch Times reports.
According to Bostic, he has ensured that his assets are held in managed accounts that neither he or his personal investment advisor has the ability to direct. Bostic claims that he only later learned that transactions that are conducted by third parties on these accounts must be listed on annual disclosure forms.
“Due to my reliance on a third-party manager, I was unaware of any specific trades or their timing, including a limited number that took place during Federal Open Market Committee (FOMC) blackout periods or financial stress periods,” Bostic said in a statement.
“Similarly, I was unaware of when my holdings of U.S. Treasury funds in 2021 exceeded the limits set forth by the FOMC’s trading and investing rules,” the statement continued.
The agency’s Office of Inspector General has been requested by Fed Chair Jerome Powell to conduct an independent review of Bostic’s financial disclosures.
“We look forward to the results of their work and will accept and take appropriate actions based on their findings,” Powell said in a statement to Reuters.
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Charlotte Hazard is a regular contributor to Just the News.
