Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, announced Tuesday that he was resigning effective immediately after acknowledging improper discussions with a financial analyst that later became the subject of a lengthy investigation into leaks at the Fed.
In a statement, Lacker said that in October 2012 he spoke to an analyst at Medley Global Advisors who possessed “highly confidential” information about interest-rate decisions the Fed had considered at its September meeting. He said that after the analyst had introduced the information, he should have declined to comment, ended the call and reported to Fed officials that the analyst was in possession of confidential information.
Lacker called his conduct “inconsistent” with the Fed’s confidentiality policies.
“I deeply regret the role that I may have played in confirming this confidential information and in its dissemination to Medley’s subscribers,” Lacker said.
Lacker’s attorney Richard Cullen said that Lacker had been informed that the investigation into his role in the Fed leak had been completed and no charges would be brought against him.
The Fed’s inspector general, Mark Bialek, said in a statement that his office was concluding its leak investigation.
A separate statement from the Fed board said the central bank was committed to maintaining the security of confidential information.
“We cooperated fully with the independent law enforcement investigation into an unauthorized disclosure in 2012,” the Fed said. “We appreciate the diligent efforts made to bring this matter to a conclusion.”