Jeffrey Lacker Out Over Leak

Jeffrey Lacker Out Over Leak
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Jeffrey Lacker out from Richmond Fed over leak in 2012 of sensitive information.

In 2012 there was a leak of sensitive information that caused an investigation into the Fed. There was some heavy scrutiny of Yellen herself:

Ms. Yellen met in 2011 and 2012 with a representative of Medley Global Advisors, the financial consultancy involved in several investigations into its publication of sensitive details of internal Fed policy deliberations.

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Just today, Richmond Fed President Jeffery Lacker came forward and admitted himself as the source of the leak. He announced his immediate resignation. Looks like Trump may have another opening to get more influence at the Fed. The fallout from this remains to be seen, notes Mises

Below is the full announcement from the Richmond Fed

April 4, 2017

Richmond Fed Statement on Jeffrey Lacker’s Announcement

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.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation’s central bank, we’re one of 12 regional Reserve Banks that work together with the Federal Reserve’s Board of Governors to strengthen the economy and our communities. We manage the nation’s money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation’s financial system and protect the integrity and efficiency of our payments system.

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