Two of the trading associates at the Jerome Powell and Associates firm inside the Eccles Building will be retiring.
Dallas Federal Reserve Bank President Robert Kaplan announced on Monday that he will be retiring on October 8, alluding to the “distraction” of his multi-million-dollar stock transactions.
“The Federal Reserve is approaching a critical point in our economic recovery as it deliberates the future path of monetary policy,” Kaplan said. “Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve’s execution of that vital work.”
Boston Fed President Eric Rosengren also confirmed that he will retire on September 30, citing a long-term health condition.
Both men completed multi-million-dollar transactions in individual stocks in 2020 and purchased the same equities that the U.S. central bank did at the height of the coronavirus pandemic.
And here is an interesting final paragraph from Reuters:
“The departure of the two Fed bank presidents could allow for a more diverse group of regional bank presidents, who are chosen by local boards of directors with the approval of the Fed governors. Currently seven of 12 bank presidents are white men, three are white women, and two are non-white men.”
When did the newswire become focused on skin color?
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