VIRGINIA — (AP) Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, has resigned after acknowledging improper discussions with a financial analyst.
Lacker said that in 2012 he spoke to an analyst at Medley Global Advisers who possessed “highly confidential” information about interest-rate decisions the Fed would consider at its next meeting, according to a Wall Street Journal report. Lacker previously announced plans to retire later this year.
Lacker also said in his resignation statement that he did not disclose in subsequent investigations the details of his conversation.
Members of Congress have sharply criticized the Fed for not providing information regarding its investigation into the matter.
“The Federal Reserve places a high priority on safeguarding information. We expect every employee to comply with all relevant policies and procedures, as well as our standards of conduct. Employees must review and acknowledge our policies annually. Once our Bank’s Board of Directors learned of the outcome of the government investigations, they took appropriate actions.
We are focused on moving forward within our organization—and were already underway with our presidential search, following Jeffrey Lacker’s announcement in January to retire in 2017. This search process will continue as scheduled. In the interim, First Vice President Mark Mullinix is serving as the Bank’s acting president.”
