Bostic said he worked the Fed attorneys and the Atlanta Fed’s board of directors to provide corrected information on an updated disclosure.
Elizabeth Smith, chair of the Atlanta Fed’s board, said board members have looked at the violations and Bostic’s explanation. “My board colleagues and I have confidence in President Bostic’s explanation that he did not seek to profit from any FOMC-related knowledge,” she said in a statement.
In his statement, Bostic said he had not had any “intent to conceal or sidestep my obligations of transparent and accountable reporting.”
Bostic said he moved to correct the mistakes “once I became aware of the deficiencies.”
Jerome Powell, the chairman of the Fed, said he had asked the Fed’s inspector general to look into Bostic’s transactions, according to a statement from the central bank.
Bostic’s corrected disclosure for 2021 asserts that he had omitted a number of securities transactions and that he had held more than $50,000 of Treasury funds in violation of then-applicable Board policy.
The revelations concerning Bostic come after the Fed revised its ethics rules in 2021 in response to a trading scandal.
In 2020, with the pandemic deepening and the economy in turmoil, there were reports of questionable trading activity by some top Fed officials. Two senior Fed officials announced early retirement.