Exhibit 804

Report of Investigation on the Closing of 22-0028-I Board Trading Activity (Powell, Clarida)

Exhibit 804 · Inspector general report

Report of Investigation on the Closing of 22-0028-I Board Trading Activity (Powell, Clarida)

we did not find evidence to substantiate the allegations that Chair Powell or Mr. Clarida violated laws, rules, regulations, or policies related to trading activities in effect at the time and as investigated by our office.

On 4 October 2021 the Board asked the OIG to review the 2020 trading of Kaplan, Rosengren and Clarida; the OIG added Chair Powell's December 2019 transactions. It found no violation by Powell or Clarida of the rules in effect, and insufficient evidence for a law-enforcement referral, while stating the rules did not sufficiently support public confidence.

Source: Federal Reserve Board Office of Inspector General
Date: 18 January 2024 (closing memorandum issued 11 July 2022)
Quoted from: Case 22-0028-I, p. 2
Grade: Primary record
Document: https://oig.federalreserve.gov/releases/investigation-closing-board-trading.pdf
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.14: Primary record The Fed's Office of Inspector General found that Chair Powell and Vice Chair Clarida did not violate the trading rules then in effect, that Dallas Fed President Kaplan violated no rule, and that Boston Fed President Rosengren did not report multiple 2020 trades on his disclosure form, and it found insufficient evidence for a law-enforcement referral in each case. On 4 September 2024 the OIG reported that Atlanta Fed President Bostic violated the FOMC blackout rule, the disclosure policies, the prohibited-holdings policy and the preclearance rule, and no insider-trading or federal conflict-of-interest law.