Atlanta Federal Reserve president under investigation for mishandling personal finances

ATLANTA — The Federal Reserve Bank of Atlanta President Raphael Bostic is now the subject of a federal investigation.

Raphael Bostic is being accused of failing to accurately disclose his personal financial assets and transactions, Federal Reserve Bank of Atlanta Board Chair Elizabeth A. Smith said in a statement released Friday.

Smith says the board of directors has also learned that some of the transactions that were not disclosed took place during blackout periods and violated guidelines from the Federal Open Market Committee.

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They say Bostic has explained the violations to the board and the Atlanta Fed’s chief ethics officer, all of whom accept his reasonings, which were not made public.

“My board colleagues and I have confidence in President Bostic’s explanation that he did not seek to profit from any FOMC-related knowledge,” Smith said in a statement obtained by Channel 2.

The board says that Bostic has since corrected his financial forms dating back to when he joined the Atlanta Fed in June 2017.

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“We are satisfied with his revised financial disclosures and the changes he has made in managing his investments,” Smith’s statement continues.

The Office of Inspector General for the Board of Governors of the Federal Reserve System is conducting an investigation into the alleged violations.

Smith says that the board of directors and the Atlanta Fed welcomes the review and will fully cooperate.

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