No sooner did I ask this morning whether or not Dallas Fed President Robert Kaplan would be joining Boston Fed President Eric Rosengren in resigning, than Kaplan did exactly that.
I wrote this morning:
Rosengren’s prompt departure for “health reasons” can’t help but leave me wondering whether or not we are going to see additional departures from the Fed in the coming days. Robert Kaplan, are you next?
Embroiled in the controversy surrounding what can only be described as frequent daytrading amongst Fed Presidents, Robert Kaplan announced after the bell today that he would also be resigning.
Remember, Kaplan was reported to be an “active buyer and seller of stocks” in 2020, per the Wall Street Journal. He is also to reported to have purchased and sold lots worth more than millions of dollars in S&P futures.
In a statement, Kaplan wrote:
“The Federal Reserve is approaching a critical point in our economic recovery as it deliberates the future path of monetary policy. Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve’s execution of that vital work.”
And what would be a resignation in the face of total controversy without attesting to your innocence one last time. Kaplan wrote:
“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.”
Jail for Pelosi !!!!