The Lacuna Project

lacuna (n.) a gap in a record where something should be

Independent research. Not affiliated with any government, agency, or company.

Agency

Office of Inspector General, Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau

Findings that rest on exhibits naming this entity

  • POL-8.14: The Fed's Office of Inspector General found that Chair Powell and Vice Chair Clarida did not violate the trading rules then in effect, that Dallas Fed President Kaplan violated no rule, and that Boston Fed President Rosengren did not report multiple 2020 trades on his disclosure form, and it found insufficient evidence for a law-enforcement referral in each case. On 4 September 2024 the OIG reported that Atlanta Fed President Bostic violated the FOMC blackout rule, the disclosure policies, the prohibited-holdings policy and the preclearance rule, and no insider-trading or federal conflict-of-interest law.
  • POL-8.15: On 21 October 2021 the Board announced rules that prohibit purchases of individual securities by Federal Reserve policymakers and senior staff. In April 2023 the OIG found that hundreds of System staff with access to Class I FOMC information are not subject to the policy's additional controls.
  • POL-8.17: Greg Becker, chief executive of Silicon Valley Bank, served as a Class A director of the Federal Reserve Bank of San Francisco from 1 January 2019 while the Fed supervised the bank. The OIG wrote that his board service "created an appearance of a conflict of interest for the System" and reported hearing of no influence on supervision.

Exhibits naming this entity

  • Exhibit 804 18 January 2024 (closing memorandum issued 11 July 2022). Federal Reserve Board Office of Inspector General: Report of Investigation on the Closing of 22-0028-I Board Trading Activity (Powell, Clarida)
  • Exhibit 805 18 January 2024 (closing memorandum issued 11 July 2022). Federal Reserve Board Office of Inspector General: Report of Investigation on the Closing of 22-0030-I Reserve Bank Trading Activity (Kaplan, Rosengren)
  • Exhibit 806 4 September 2024. Federal Reserve Board Office of Inspector General: Report of Investigation on the Closing of 23-0020-I Federal Reserve Bank of Atlanta President's Trading Activity
  • Exhibit 807 26 April 2023. Federal Reserve Board Office of Inspector General: The Board Can Further Enhance the Design and Effectiveness of the FOMC's Investment and Trading Rules (2023-SR-B-006)
  • Exhibit 814 25 September 2023. Federal Reserve Board Office of Inspector General: Material Loss Review of Silicon Valley Bank (2023-SR-B-013)