The U.S. central bank’s internal watchdog said on Monday the former presidents of the Dallas and Boston Federal Reserve banks did not break the law but created the appearance of a conflict in interest in how they invested and reported their financial activity from 2019 to 2021. Robert Kaplan, who announced in September 2021 that he would step down as head of the Dallas Fed amid a controversy over his trading, documented his investing in a way that "did not support public confidence in the impartiality and integrity" of the U.S. central bank, the report from the Fed’s Inspector General (IG) said.
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