Raphael Bostic, president of the Federal Reserve Bank of Atlanta, has been found to have violated Federal Open Market Committee (FOMC) rules and Reserve Bank policies, according to a report by the central bank’s Office of Inspector General. The investigation, initiated by Fed Chair Jerome Powell, found that Bostic’s actions created an “appearance of acting on confidential FOMC information” and a “conflict of interest” that could undermine his impartiality. The report highlights Bostic’s violation of FOMC blackout rules and trading preclearance rules, including executing securities transactions during restricted periods and failing to accurately report certain transactions.