Robert Kaplan, 64, will become the second senior Fed official to resign after ethics questions were raised over their trading activity in the financial markets. Kaplan's planned resignation follows a similar announcement earlier Monday by Eric Rosengren, president of the Boston Fed.
Kaplan's financial disclosures sparked criticism after he revealed extensive stock trading in 2020 when the Fed was spending trillions of dollars stabilizing financial markets and boosting the economy.
Kaplan's last day will be October 8.
Statement from Rob Kaplan:
"It has been my great honor to serve as the President and CEO of the Federal Reserve Bank of Dallas for the past six years and to work with the superbly talented professionals at the Bank who are helping to build a stronger economy for all communities in the Eleventh District and our nation.
It also has been a privilege to work with my Federal Reserve System colleagues and serve as a member of the Federal Open Market Committee.
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. For that reason, I have decided to retire as President and CEO of the Federal Reserve Bank of Dallas, effective Friday, October 8, 2021.
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.
I am proud of the work we have done at the Dallas Fed during the past six years and am confident that my colleagues will continue to play a vital role in supporting our nation’s economic recovery."
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