Federal Reserve Bank of Atlanta President Raphael Bostic disclosed Thursday he made multiple trades before a Fed meeting last year, despite being prohibited from doing so.
According to an annual financial disclosure released Thursday, a money manager for Bostic and his spouse made transactions involving 19 exchange-traded funds on May 2, 2022, ranging in amounts from $ 1,001 to $ 50,000. The trades occurred during a two-week blackout period before a Federal Open Market Committee meeting, when Fed officials are barred from making trades or speaking publicly. At the time, Bostic was not a voting member of that committee.
Last October, Bostic disclosed dozens of similar transgressions in previous years. In a statement at that time, Bostic said he did not intend to “conceal or sidestep my obligations of transparent and accountable reporting.”
As he did last year, Bostic in the most recent disclosure blamed the trades on “managed accounts over which we had no discretion.” Bostic and his spouse said all of their assets have been moved out of managed accounts since last year.
The transactions were reported to the Federal Reserve Bank of Atlanta and Board of Governors ethics officers, as well as the Federal Reserve Inspector General, the filing said.
In 2022, the Fed adopted tougher rules limiting the ability of its top officials from investing in financial markets, in an effort to avoid conflicts of interest.