Economic Policy
Two Fed officials announce retirements amid controversy over ethics and stocktrading
Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan both announced their departures on Monday
By Rachel Siegel
Yesterday at 4:22 p.m. EDT
Two top Fed officials are leaving their posts amid scrutiny over their stocktrading activities during the covid crisis, behavior which spurred an unusual review by the Federal Reserve of trading rules for its officials.
Boston Federal Reserve Bank President Eric Rosengren and Dallas Fed President Robert Kaplan both announced their retirements on Monday. Earlier this month, the
Wall Street Journal,
Bloomberg News and other outlets reported on the financial disclosures of the regional bank presidents, showing that both actively traded in stocks and other investments while in their roles setting monetary policy and assisting the central bank through the covid crisis.
“Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve’s execution of that vital work. For that reason, I have decided to retire,” Kaplan said in a statement Monday afternoon.
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By Rachel Siegel
Rachel Siegel is an economics reporter covering the Federal Reserve. She previously covered breaking news for the Post's financial section and local politics for the Post's Metro desk. Before joining the Post in June 2017, Rachel contributed to The Marshall Project and The Dallas Morning News. Twitter
https://twitter.com/rachsieg
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