Powell, asked about the trading during a press conference following a meeting of the Federal Open Market Committee on Sept. 22, didn’t disguise his frustration over the incident.
“No one on the FOMC is happy to be in this situation, to be having these questions raised. It’s something we take very, very seriously,” he said. “I’m determined that we will rise to the moment and handle it in ways that will stand up over time.”
Kaplan and Rosengren resigned of their own accord without pressure from the Board of Governors, according to a Fed spokeswoman in Washington.
Meredith Black, currently first vice president of the Dallas Fed, will delay her retirement and serve as interim president. Boston’s Kenneth Montgomery, the bank’s first vice president and chief operating officer, will serve as interim president until a successor to Rosengren is chosen.
This article was provided by Bloomberg News.