Richmond Fed President Lacker Resigns After Admitting He Leaked Confidential Fed Information
by Tyler Durden
ZeroHedge.com
Apr 4, 2017
We can now close the case on who leaked that confidential, market-moving data to Medley global back in 2012: it was Richmond Fed’s Jeffrey Lacker, who previously was expected to retire in October, and is resigning immediately.
In a statement, Lacker confirms he revealed confidential FOMC information to Medley Global.
The Richmond Fed made the following announcement moments ago, which suggests that Lacker did not leave voluntarily:
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.
This shocking event comes just hours after Chairman of the House Financial Services Committee Jeb Hensarling demanded that “American Households Should Demand a More Reliable Governance Structure for the Fed.”
The Rest…HERE
