Tags: Financial Markets | Money | federal | reserve | Jeffrey Lacker | leak

Richmond Fed Reserve President Resigns After Trade Secrets Leak

Richmond Fed Reserve President Resigns After Trade Secrets Leak
Jeffrey Lacker (AP Photo/Chuck Burton)

By    |   Tuesday, 04 April 2017 06:44 PM

The president of the Federal Reserve in Richmond, Va., resigned Tuesday after admitting to leaking sensitive information to a financial analyst several years ago, The Washington Post reported.

Jeffrey Lacker said he discussed the Federal Open Market Committee's policy options with an analyst at Medley Global Advisors in 2012.

Medley, which is owned by the Financial Times, publishes analysis for hedge funds and asset managers. A day after Lacker's conversation with the analyst, Regina Schleiger, Medley told its clients the Fed would in December begin buying billions in Treasury bonds monthly to stimulate the economy.

The leak was investigated by then-Fed chairman Ben Bernanke.

Lacker in a statement said his actions violated Fed communications policies that forbid "providing any profit-making person or organization with a prestige advantage over its competitors."

"Due to the highly confidential and sensitive nature of this information, I should have declined to comment and perhaps have ended the phone call," Lacker said. "Instead, I did not refuse or express my inability to comment and the interview continued."

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US
The president of the Federal Reserve in Richmond, Va., resigned Tuesday after admitting to leaking sensitive information to a financial analyst several years ago, The Washington Post reported.
federal, reserve, Jeffrey Lacker, leak
171
2017-44-04
Tuesday, 04 April 2017 06:44 PM
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