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Two Fed Officials to Retire After Trading Securities Controversy

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Both Robert Kaplan, the Fed President of Dallas, and Eric Rosengren, President of the Boston Fed, announced their retirements on Monday.

Dallas Fed President Kaplan said he is retiring from his post on October 8. Boston Fed President Rosengren is retiring on Sept. 30, nine months earlier than his previously announced retirement. 

Kaplan cited financial disclosure distraction as the reason for his early retirement whereas Rosengren cited health reasons.

"The Federal Reserve is approaching a critical point in our economic recovery as it deliberates the future path of monetary policy. 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 as President and CEO of the Federal Reserve Bank of Dallas, effective Friday, October 8, 2021," said Kaplan. "During my tenure, I have adhered to all Federal Reserve ethical standards and policies. My securities investing activities and disclosures met Bank compliance rules and standards."

Rosengren said that he will explore areas of professional interest and contribution once his health condition improves. 

“It has been an honor to serve at the Federal Reserve System, in a job where one can be constantly engaged in pursuing the economic and financial well-being of the country and New England. I know that my colleagues will build on our progress, and continue making a difference for the public we serve,” said Rosengren.

Both Fed officials courted controversies for their securities trading in 2020. 

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