As requested by Board Chair Jerome Powell, we investigated the 2017–2021 trading activities of Dr. Raphael Bostic, president of the Federal Reserve Bank of Atlanta.

We found that Dr. Bostic violated Federal Open Market Committee rules and Reserve Bank policies governing blackout periods, financial disclosures, prohibited holdings, and preclearance requirements. We did not find any evidence that Dr. Bostic's trades were based on confidential FOMC information, and he did not have financial conflicts of interests

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