Atlanta Fed Chief Raphael Bostic Admits to Multiple Trading Violations During FOMC Blackout Period.
Federal Reserve Bank of Atlanta President Raphael Bostic made multiple trades in violation of the central bank's trading rules before the May 2022 Federal Open Market Committee (FOMC) meeting, according to financial disclosure forms. The transactions have already been reported to the Atlanta Fed, the Board of Governors' ethics officers, and the Federal Reserve Inspector General, who is investigating the issues. Bostic cited third-party financial advisers with investment discretion within managed accounts as the reason for the transgressions. The trades occurred before he was aware they were subject to blackout restrictions.