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MNI BRIEF: Fed's Kaplan to Retire Oct 8, Citing Stock Trades

MNI (Washington)
(MNI)

Dallas Fed leader's move announced same day the Boston Fed president accelerated his retirement.

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Dallas Fed President Robert Kaplan said Monday he will retire effective Oct. 8, saying he was stepping down early following a controversy over stock market trades, a decision he announced the same day Boston Fed President Eric Rosengren moved up his retirement.

"The recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve," Kaplan said in a statement. "During my tenure, I have adhered to all Federal Reserve ethical standards and policies. My securities investing activities and disclosures met Bank compliance rules and standards."

Kaplan has been the president of the Dallas Fed since September 2015, and first vice president Meredith Black will serve as interim president during the transition. Rosengren's retirement announcement earlier today cited health concerns for his departure without mentioning stocks.

Chair Jerome Powell is due to testify Tuesday to a Congressional committee and will likely face questions about the ethics review he has opened into the matter. The Dallas Fed statement included remarks from Powell including: "We are grateful for Rob's six years of service as President of the Federal Reserve Bank of Dallas and as a valued colleague in the FOMC," and "we wish him well."