By Michael S. Derby
NEW YORK Federal Reserve Bank of Atlanta President Raphael Bostic acknowledged Thursday more issues with his past financial disclosures as part of a general release by the regional Fed banks of financial disclosure forms for their leaders covering 2022.
Bostic already acknowledged what he deemed as inadvertent errors in past disclosures tied to when some of his trades happened. He said in a footnote to his form for last year there were more problems.
Noting his past acknowledgement that funds he and his spouse held, which were not managed by the couple, were traded during periods that were forbidden by Fed rules, Bostic acknowledged more trades that happened when they should not have.
“The transactions that occurred on May 2, 2022, were associated with funds invested through one such account and occurred prior to realizing that they were subject to blackout restrictions,” Bostic wrote.
Bostic said when preparing his disclosure form for last year, “it came to my attention that a few entries on the Form A covering calendar year 2021 needed to be clarified."
Bostic said the trades have been reported to both his bank and to the Board of Governors, as well as the Fed’s Inspector General, its in-house watchdog, which is currently investigating trading activity by regional Fed banks.
The disclosures for the regional Fed banks follow the release in May of disclosures for central bankers serving on the Board of Governors in Washington. The disclosures for Fed senior leaders are released annually as officials are now operating under a much more stringent ethics code after a series of controversies over market trading by some former central bankers.
(Reporting by Michael S. Derby; Editing by Chizu Nomiyama)
