Fed’s Bostic acknowledges trades broke rules, fixes records

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Atlanta Federal Reserve President Raphael Bostic has acknowledged that many of his financial trades and investments violated the central bank’s ethics rules. He says corrected all five years of his financial disclosures since becoming president in 2017. Bostic said the trades were made by several investment managers and he was unaware of the transactions. He says he has since changed his investment approach to remain within the rules. Bostic’s disclosure comes just a year after a trading controversy engulfed the Federal Reserve. Last fall, two bank presidents resigned after their trading attracted criticism from ethics watchdogs and some politicians.