US Federal Reserve Banker Bostic admits violations of ethics rules

US Federal Reserve Banker Bostic admits violations of ethics rules

New York US Federal Reserve Banker Raphael Bostic has admitted to violating the Federal Reserve’s (Fed) code of ethics. In recent years, Bostic said some of his personal financial markets trades have inadvertently taken place during periods when the Fed has imposed trading bans. The transactions were carried out by asset managers.

He did not commission them himself. At no time did he try to cover up the transactions. The Fed Board have nevertheless expressed their confidence in him. The head of the Atlanta Fed branch said the trading activities were now being investigated.

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