Richmond Fed President Jeffrey Lacker resigns, admits to leaking confidential information

Apr 05, 2017, 01:34
Richmond Fed President Jeffrey Lacker resigns, admits to leaking confidential information

- "It was never my intention to reveal confidential information", Lacker said in a statement describing an October 2, 2012 conversation with an analyst from Medley Global Advisors.

Lacker previously announced plans to retire later this year.

"I crossed the line", Lacker said in a statement, saying he never intended "to reveal confidential information" and that he may have broken rules against giving people an edge in business.

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. His lawyer said no charges are forthcoming.

The analyst in question was working for Medley Global Advisors, which is owned by the Financial Times Ltd.

"Due to the highly confidential and sensitive nature of this information, I should have declined to comment and perhaps have ended the phone call".

In 2015, I was interviewed again as part of a separate investigation conducted by the United States Attorney's Office for the Southern District of NY, the Office of the Inspector General of the Federal Reserve Board, the Federal Bureau of Investigation, and the U.S. Commodity Futures Trading Commission.

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The Federal Reserve is committed to maintaining the security of confidential FOMC information. "Instead, I did not refuse or express my inability to comment and the interview continued", Lacker wrote in the statement.

Lacker said it was the Medley analyst who brought up confidential Fed information.

The Federal Reserve's announcements about changes to monetary policy, which influences the rate at which money can be borrowed, have a huge impact on the economy.

The next day, Medley Global Advisors unveiled details of a September Fed policy-setting meeting, one day ahead of the publication of the central bank's own record of the discussions.

"Staff will strive to ensure that their contacts with members of the public do not provide any profit-making person, firm, or organization with a prestige advantage", the policy states. Lacker became the Richmond Fed's president in 2004. It said: "The Federal Reserve places a high priority on safeguarding information".

The Richmond Fed is one of 12 regional reserve banks that are part of the USA central bank.

The Richmond Fed said in a statement that Mr Lacker will be replaced in an acting capacity by first vice-president Mark Mullinix. It said that once the bank's board of directors learned of the outcome of the government investigations, it had taken appropriate actions.

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