Atlanta Fed President Raphael Bostic discloses violations of trading rules (AGAIN!!!) before 2022 FOMC meeting. While banks have the liquidity fairy, 'we' get the promise of 2 more rate hikes this year, Raphael Bostic yet again enrichens himself
Good evening Superstonk! Jellyfish back with you about something that grinds my gears:
Atlanta Fed President Raphael Bostic discloses violations of trading rules (AGAIN!!!) before 2022 FOMC meeting.
While banks have the liquidity fairy, 'we' get the promise of 2 more rate hikes this year, Raphael Bostic yet again enrichens himself inappropriately from his position.
Let's get into this!
As one of 12 regional Federal Reserve Banks and as representatives of the Sixth Federal Reserve District, we understand the importance of the public's trust to maintaining the integrity and credibility of the U.S. central bank. The Federal Reserve Bank of Atlanta is committed to transparency, and, in that effort, we are making the Atlanta Fed president's financial disclosure forms available to the public.
As an employee of our Bank, our president is subject to the Atlanta Fed's employee code of conduct, which outlines the standards we expect from all employees. As a senior official of our Bank and a member of the Federal Open Market Committee (FOMC), our president is subject to the Board of Governors' Voluntary Guide to Conduct for Senior Officials, which prohibits transactions during blackout periods before FOMC meetings and outlines other restrictions.
The FOMC adopted comprehensive new rules in February 2022 for the investment and trading activity of senior officials. The rules took effect May 1, 2022. The requirements for advance notice and preclearance of transactions took effect July 1, 2022.
The Atlanta Fed's chief ethics officer reviews the president's financial disclosure every year and reports potential conflicts of interest to the Atlanta Fed's board of directors throughout the year, if any arise. The Federal Reserve Board of Governors also reviews the financial disclosures annually.
Each year since joining the Atlanta Fed in 2017, President Raphael Bostic has disclosed his personal finances, outside activities, and other information. The forms below cover President Bostic's finances and civic duties for each calendar year he has been in office.
2022 Atlanta Fed President Financial Disclosure
2021 Atlanta Fed President Financial Disclosure (note about 2021 financial disclosure)
2020 Atlanta Fed President Financial Disclosure (previously filed 2020 form)
2019 Atlanta Fed President Financial Disclosure (previously filed 2019 form)
2018 Atlanta Fed President Financial Disclosure (previously filed 2018 form)
2017 Atlanta Fed President Financial Disclosure (previously filed 2017 form)
We have talked about Bostic and his crummy behavior on Superstonk before.On October 14, 2022, Bostic published his 2021 disclosure form and corrected disclosure forms for previous years.You can read the document explaining the changes to previous filings. The section we care about though is at the beginning:
https://www.bloomberg.com/news/articles/2023-06-15/bostic-made-multiple-trades-in-blackout-before-fed-may-2022-fomc#xj4y7vzkg
- According to his annual financial disclosure released today, a money manager for Bostic and his wife aka ANOTHER Third-party manager, which he 'promised' would not happen again, made transactions involving 19 exchange-traded funds on May 2, 2022, ranging in amounts from $1,001 to $50,000.
- The trades occurred during a two-week blackout period before a Federal Open Market Committee meeting, when Fed officials are barred from making trades or speaking publicly.
- At the time, Bostic was not a voting member of that committee.
https://www.atlantafed.org/-/media/documents/about/atlantafed/officers/executive_office/bostic-raphael/financial-disclosure/2022-bostic-financial-disclosure.pdf
TLDRS:
- Atlanta Fed President Raphael Bostic discloses violations of trading rules (AGAIN!!!) before 2022 FOMC meeting.
- While banks have the liquidity fairy, 'we' get the promise of 2 more rate hikes this year, Raphael Bostic yet again enrichens himself inappropriately from his position.
