Raphael Bostic, president of the Federal Reserve Bank of Atlanta, breached Federal Open Market Committee rules and Reserve Bank policies, according to a report by the central bank’s Office of Inspector General. What Happened: The investigation, initiated by Fed Chair Jerome Powell, found that Bostic created an “appearance of acting on confidential FOMC information” and a “conflict of interest” that could undermine his impartiality. The report indicated that Bostic violated the FOMC blackout rule and trading preclearance rules. Bostic’s breaches included executing securities transactions during…
