High-ranking Fed official resigns after revealing he leaked confidential information

05 April, 2017, 01:37 | Author: Evan Mason
  • Jeffrey Lacker president of the Federal Reserve Bank of Richmond participates in a session titled

Jeffrey Lacker out from Richmond Fed over leak in 2012 of sensitive information.

He said when he was interviewed again in 2015 as part of investigations being conducted by the FBI, the Fed's inspector general and the U.S. Attorney's Office for the Southern District of NY, he did disclose that the analyst was in possession of confidential information.

In a statement, Lacker said that in October 2012 he spoke to an analyst at Medley Global Advisors who possessed "highly confidential" information about interest-rate decisions the Fed had considered at its September meeting.

Controversy has come calling at the doorstep of the Federal Reserve, with the Richmond Federal Reserve President Jeffrey Lacker calling it quits after admitting to leaking information about the deliberations among Federal Open Market Committee members in 2012. In neither of the instances, he had revealed that the analyst was in possession of confidential information. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities.

"Medley Global Advisors is a journalistic organization that publishes in-depth macro policy coverage and analysis". He said that after the analyst had introduced the information, he should have declined to comment, ended the call and reported to Fed officials that the analyst was in possession of confidential information. "Instead, I did not refuse or express my inability to comment and the interview continued", he said. He also disclosed that he was interviewed the General Counsel of the FOMC on December 10, 2012 after he gave a written response to a questionnaire issued by the body.

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Lacker said it was the Medley analyst who brought up confidential Fed information. Its vice president, Mark Mullinix, is now serving as acting head of the Richmond Fed.

"Once our bank's board of directors learned of the outcome of the government investigations, they took appropriate actions", the Richmond Fed said.

The Federal Reserve places a high priority on safeguarding information. It took until 2015 - in a separate, insider-trading investigation that included the U.S. Attorney's Office and the Federal Bureau of Investigation, among others - that he disclosed the conversation with analyst.

For much more on the investigation into the Medley leak, check out this report [both articles are behind soft paywalls] from the Wall Street Journal or this one from the New York Times.

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