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AP National Business

2nd top Fed official to retire in wake of trading activity

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Published 4:22 PM

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Robert Kaplan will step down as president of the Federal Reserve Bank of Dallas early next month, the Dallas Fed announced Monday. Kaplan, 64, will become the second senior Fed official to resign after ethics questions were raised over their trading activity in the financial markets. Kaplan’s planned resignation follows a similar announcement earlier Monday by Eric Rosengren, president of the Boston Fed. Both officials’ financial disclosures sparked criticism from government watchdogs after they revealed extensive stock trading in 2020, when the Fed was spending trillions of dollars stabilizing financial markets and boosting the economy. Because of their trading, the two officials could potentially have profited from the Fed’s actions.

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