Boston Fed President Eric Rosengren to retire early citing health reasons, as Fed launches probe ...

[mahatmakanejeeves]

Source: Washington Post

Economic Policy

Boston Fed President Eric Rosengren to retire early citing health reasons, as Fed launches probe of trading rules

Rosengren’s retirement also comes after he drew scrutiny for stock trading behavior

By Rachel Siegel
Today at 10:59 a.m. EDT

Boston Federal Reserve Bank President Eric Rosengren announced his retirement on Monday, nine months early, citing health concerns after 14 years at the helm of the regional bank.

Rosengren has also faced scrutiny in the past few weeks over recent revelations of his stock trading activities while serving as a top Fed official. Those actions, along with the trading activities of another regional bank president, spurred an unusual review by the Federal Reserve of trading rules for its officials.

Rosengren had previously planned to retire in June 2022, when he turned 65 and hit the bank’s mandatory retirement age.

But that date was moved up so he could manage and care for a kidney condition, the Boston Fed said, adding that Rosengren revealed to staff for the first time that he qualified for the kidney transplant list in June 2020.

{snip}

By Rachel Siegel
Rachel Siegel is an economics reporter covering the Federal Reserve. She previously covered breaking news for the Post's financial section and local politics for the Post's Metro desk. Before joining the Post in June 2017, Rachel contributed to The Marshall Project and The Dallas Morning News. Twitter https://twitter.com/rachsieg

Read more: https://www.washingtonpost.com/us-policy/2021/09/27/eric-rosengren-boston-fed/

[Champp]

1. "Oh, and, um, I also want to spend more time with family. Heh heh." - Rosie

[Eugene]

2. *Another* Fed official.

Dallas Fed Bank President Robert Kaplan figured prominently last week.

From Sept. 22: Under pressure, Powell says Fed to revamp its trading rules (AP)

The issue arose after it was revealed that Robert Kaplan, president of the Federal Reserve Bank of Dallas, traded millions of dollars’ worth of individual stocks such as Amazon, Chevron, Facebook and Johnson & Johnson in 2020, at the same time that the Fed was taking extraordinary measures to boost the economy. The Fed’s moves likely lifted stock prices and other financial assets.

[mahatmakanejeeves]

3. I recall having read that, but I didn't find it. Thanks. NT

[mahatmakanejeeves]

4. Two Fed officials announce retirements amid controversy over ethics and stocktrading

Economic Policy

Two Fed officials announce retirements amid controversy over ethics and stocktrading

Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan both announced their departures on Monday

By Rachel Siegel
Yesterday at 4:22 p.m. EDT

Two top Fed officials are leaving their posts amid scrutiny over their stocktrading activities during the covid crisis, behavior which spurred an unusual review by the Federal Reserve of trading rules for its officials.

Boston Federal Reserve Bank President Eric Rosengren and Dallas Fed President Robert Kaplan both announced their retirements on Monday. Earlier this month, the Wall Street Journal, Bloomberg News and other outlets reported on the financial disclosures of the regional bank presidents, showing that both actively traded in stocks and other investments while in their roles setting monetary policy and assisting the central bank through the covid crisis.

“Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve’s execution of that vital work. For that reason, I have decided to retire,” Kaplan said in a statement Monday afternoon.

{snip}

By Rachel Siegel
Rachel Siegel is an economics reporter covering the Federal Reserve. She previously covered breaking news for the Post's financial section and local politics for the Post's Metro desk. Before joining the Post in June 2017, Rachel contributed to The Marshall Project and The Dallas Morning News. Twitter https://twitter.com/rachsieg