Federal Reserve Bank president resigns after acknowledging impro - NBC12 - WWBT - Richmond, VA News On Your Side

Federal Reserve Bank president resigns after acknowledging improper disclosure

Jeffrey Lacker (Source: Wikimedia Commons) Jeffrey Lacker (Source: Wikimedia Commons)
RICHMOND, VA (WWBT) -

Richmond Federal Reserve President Jeffrey Lacker resigned on Tuesday after admitting that he discussed sensitive information with an analyst regarding the Fed's plans for economic stimulus, CNBC reports

In his resignation letter, Lacker admitted to speaking to an analyst at Medley Global Advisors regarding a meeting in September 2012. 

"Due to the highly confidential and sensitive nature of this information, I should have declined to comment and perhaps have ended the phone call," Lacker said. "Instead, I did not refuse or express my inability to comment and the interview continued."

Lacker, 61, became president and CEO of the Federal Reserve Bank of Richmond on Aug. 1, 2004. He is a member of the policy-setting Federal Open Market Committee.

CNBC reports that the Medley investigation involves allegations that confidential information from the Federal Reserve Board committee, which sets monetary policy, was leaked to a private newsletter. That type of leak could have given an unfair advantage to some investors.

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