The investigation found that Bostic, while not directly involved in the trading, failed to prevent his investment manager from violating the Fed's blackout rule.
The IG's report concluded with a recommendation for the new policies to strengthen disclosures due to the 'appearance of acting on confidential FOMC information.'
Federal Reserve Chair Jerome Powell emphasized the importance of transparency and compliance with investment regulations to maintain public trust in the Fed.
Bostic acknowledged the trades but insisted he was unaware of the specific details, saying oversight is the responsibility of his investment manager.
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