Statement from Federal Reserve Bank of Atlanta Board Chair Elizabeth A. Smith

For immediate release: October 14, 2022

The Federal Reserve Bank of Atlanta's board of directors has been made aware of inaccuracies in President Raphael Bostic's forms that disclose his personal financial assets and transactions. Furthermore, we learned of transactions that took place during blackout periods and of holdings that violated guidelines set out by the Federal Open Market Committee, or FOMC.

After reviewing the documents and discussing these issues with President Bostic and the Atlanta Fed's chief ethics officer, the board acknowledges the violations and accepts President 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.

The directors appreciate that President Bostic has thoroughly corrected his financial forms, going back to when he first joined the Atlanta Fed. We are satisfied with his revised financial disclosures and the changes he has made in managing his investments. The board is also satisfied that President Bostic has established procedures to ensure that future violations do not occur.

We are also aware that the Office of Inspector General for the Board of Governors of the Federal Reserve System will review this matter. We welcome this review and will cooperate fully to ensure this matter is effectively resolved.

Contact: Karen Mracek | 470-249-8348