financetom
Economy
financetom
/
Economy
/
Fed's Bostic flags more issues with financial disclosures
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Fed's Bostic flags more issues with financial disclosures
Jun 14, 2024 11:45 AM

NEW YORK (Reuters) - A financial disclosure form for Federal Reserve Bank of Atlanta President Raphael Bostic notes more issues with reporting of past trading and investing activities.

Bostic's disclosure form for 2023, made public on Friday, flagged several filing errors, including one that was referred to the central bank's Inspector General, the central bank's in-house watchdog.

The latest form pointed to a retirement fund of his spouse which had been left out of a past disclosure. The form said "the omission was reported to the Board of Governors" and the Fed's I.G. The form also noted the Board of Directors overseeing the Atlanta Fed had "directly addressed this concern."

A spokesperson for the Fed's Board of Governors acknowledged the matter had been referred to the I.G.

An Atlanta Fed spokesperson said in a statement that Bostic "discovered a previously undisclosed retirement account belonging to his spouse from a former employer in the 1990s. It was immediately brought to the attention" of the bank's board, "who confirmed with President Bostic and the Atlanta Fed Ethics Officer that there were no contributions to or trades in the account starting from President Bostic's first year in office, 2017, to the end of the filing period."

Bostic's disclosure form came as part of the release of disclosure forms for regional Fed leadership in office as of 2023. Issues with Bostic's past financial filings had already been referred to the I.G.

The Fed's I.G. did not immediately respond to a request for comment.

Earlier this year the Fed's I.G. released a hotly anticipated report detailing the financial activities of two men who led the Dallas and Boston Fed banks until they abruptly retired in the fall of 2021 after documents revealed both had actively traded in markets while helping set monetary policy.

The I.G. cleared both of formal wrongdoing but said the two men had created the appearance of a conflict of interest via their trading.

Fed Chair Jerome Powell and his second in command Richard Clarida were also cleared of impropriety in their trading activity in a 2022 I.G. report.

In the wake of the revelation of the regional Fed trading activity the Fed updated its ethics code to sharply limit what Fed officials, immediate family members and top staff can do with their investing. The Fed is currently working on enhancing that new system.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Chile's Lithium Vision: Ambitious Plans Shine While US Market Tries To Overcome Fragmentation
Chile's Lithium Vision: Ambitious Plans Shine While US Market Tries To Overcome Fragmentation
Mar 29, 2024
The Chilean government has unveiled an ambitious plan to double its lithium output over the next decade. The motivation behind this push lies in the nation’s recognition of the potential risks posed by lithium shortages, which could lead to significant economic repercussions for the second-largest producer of this metal critical for clean energy transition. Production needs to increase so that...
Fed's balancing act could see June rate cut in play even with sticky inflation
Fed's balancing act could see June rate cut in play even with sticky inflation
Mar 29, 2024
WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell says the central bank is not growing more tolerant of higher inflation even though the latest policymaker projections raised the inflation outlook for the year without triggering a tougher monetary-policy response. But former Fed officials and other analysts see Powell nevertheless approaching a difficult moment trying to reconcile competing economic risks, a...
Inflation Ticks Higher In February: Is A May Interest Rate Cut In The Cards?
Inflation Ticks Higher In February: Is A May Interest Rate Cut In The Cards?
Mar 29, 2024
Personal consumption expenditures, the Federal Reserve’s preferred measure of inflation, rose as economists expected in February, leaving markets frustrated as to the likely timing of interest rate cuts. Key highlights from February’s Personal Consumption Expenditures inflation report: The headline personal consumption expenditures price index rose by an annual rate of 2.5%, up from January’s 2.4% and in line with expectations....
US Dollar Rises Early Friday Ahead of Personal Income, PCE Prices, Advance Trade, Powell
US Dollar Rises Early Friday Ahead of Personal Income, PCE Prices, Advance Trade, Powell
Mar 29, 2024
07:35 AM EDT, 03/29/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of the release of personal income, spending, and price data and advance trade and inventory data, all for February, at 8:30 am ET, with most US markets closed for Good Friday. Chicago PMI and...
Copyright 2023-2025 - www.financetom.com All Rights Reserved