An investigation by the Federal Reserve's Office of Inspector General has found that Atlanta Federal Reserve President Raphael Bostic violated several ethics policies related to his securities trades and investments over a five-year span beginning in 2017. These violations created the appearance of acting on confidential Fed information and raised conflict of interest concerns. However, the inquiry concluded there were no breaches of federal insider trading or conflict of interest laws. Notably, Bostic's trades occurred multiple times during 'blackout' periods, and he failed to accurately report some transactions on annual disclosure forms. In 2022, Bostic admitted that numerous trades inadvertently violated ethics rules, prompting him to revise his financial disclosures. The Atlanta Fed board accepted his explanations without further action, though Chair Jerome Powell requested the review of Bostic's disclosures.