Mr. Lacker said that when he saw Ms. Schleiger’s report, “I realized<br />that my failure to decline comment on the information could have been taken by the analyst, in the context of the conversation, as an acknowledgment or confirmation of the information.”<br />Mr. Lacker said he did not intend to reveal confidential information about the Fed’s conduct<br />of monetary policy, adding that “I deeply regret the role I may have played.”<br />The Fed announced a new policy in 2011 restricting contact between policy makers and the burgeoning industry of market intelligence firms paid by investors, in part because of the perception<br />that analysts like Ms. Schleiger had access to inside information.<br />Richmond Fed President Resigns, Admitting He Violated Confidentiality -<br />By BINYAMIN APPELBAUMAPRIL 4, 2017<br />WASHINGTON — Jeffrey M. Lacker, the president of the Federal Reserve Bank of Richmond, resigned abruptly on Tuesday, admitting<br />that he had confirmed information about the Fed’s confidential internal deliberations in a conversation almost five years ago.<br />In October 2012, a market intelligence firm, Medley Global Advisors, sent a note to clients<br />that said the Fed would start a new round of Treasury purchases at its December policy meeting.<br />The author of the note, Regina Schleiger, also included the kind of tidbit only an insider could know:<br />Some Fed staff members had stayed up past midnight to prepare for the Fed’s previous meeting.