On October 4, 2021, the chair of the Board of Governors of the Federal Reserve System requested that we conduct an independent review of whether the 2020 trading activities of certain senior Board and Federal Reserve Bank officials violated the law or Federal Reserve policies, whether the trading activities warrant further investigation by other authorities, and any other related matters deemed appropriate.
In response, we initiated separate investigations of Board and Reserve Bank officials. On July 11, 2022, we concluded the investigation of Board officials and publicly issued a closing memorandum. This report details our investigation of Reserve Bank officials.
