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  • Fed's Lacker Resigns Over Role In Leaking Secret Information

Fed's Lacker Resigns Over Role In Leaking Secret Information

Federal Reserve Bank of Richmond President Jeffrey Lacker is resigning immediately, six months sooner than previously announced, and said he regrets his role in disclosing confidential information related to the U.S. central bank's deliberations in 2012, according to a statement on Tuesday.

"In 2012, my conduct was inconsistent with those important confidentiality policies," Lacker said in the statement sent by the law firm McGuireWoods in Richmond, Virginia. "I regret that in this instance I crossed the line to confirming information that should have remained confidential."

Lacker, who has previously announced he would retire in October, apologized to Fed colleagues for breaking the bank's communications policy by sharing details of the Federal Open Market Committee's September 2012 policy discussions with an analyst with Medley Global Advisors. Lacker said he failed to provide a full account about his conversation with the analyst in an interview with the Fed's general counsel in December 2012.


Lacker said he disclosed the breach in 2015 to law enforcement officials during an interview that was part of an investigation. "In the subsequent 2015 interview with law enforcement officials, I did disclose that the analyst was in possession of confidential information during my October 2, 2012 conversation with her," Lacker said.

The Richmond Fed, in a separate statement on its website Tuesday, said the bank's board of directors took "appropriate actions" after learning the outcome of the government investigation. Richmond Fed First Vice President Mark Mullinix is serving as the bank's acting president. The bank places "a high priority on safeguarding information."

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