Exhibit 805

Report of Investigation on the Closing of 22-0030-I Reserve Bank Trading Activity (Kaplan, Rosengren)

Exhibit 805 · Inspector general report

Report of Investigation on the Closing of 22-0030-I Reserve Bank Trading Activity (Kaplan, Rosengren)

we found that he did not report multiple trades on his 2020 Form A.

Kaplan: no violation found, but his 2020 Form A omitted trade dates and option sales, which the OIG said created an "appearance of acting on confidential FOMC information." Rosengren: did not report multiple trades on his 2020 Form A, brokerage statements and Form A differed, and his 2020 REIT trades during the period of Fed agency MBS purchases created an appearance of a conflict. The OIG found insufficient evidence for a law-enforcement referral.

Source: Federal Reserve Board Office of Inspector General
Date: 18 January 2024 (closing memorandum issued 11 July 2022)
Quoted from: Case 22-0030-I, p. 2 (Rosengren)
Grade: Primary record
Document: https://oig.federalreserve.gov/releases/investigation-closing-reserve-bank-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.