3 Min Read
April 4 (Reuters) - Following is a timeline of the events leading up to Richmond Federal Reserve President Jeffrey Lacker's abrupt resignation on Tuesday:
Sept 13, 2012 – Federal Open Market Committee (FOMC) announces a third round of its bond buying program, dubbed QE3, with a plan to buy $40 billion of mortgage-backed securities each month. Lacker dissents with the policy.
Sept 28, 2012 – Wall Street Journal publishes a story containing confidential information of discussions at the FOMC's Sept 12-13 meeting.
Oct 2, 2012 – Lacker speaks by phone with an analyst from Medley Global Advisors, who raises with him confidential details from the Fed's September meeting. (Lacker now says he erred by not refusing to comment or ending the phone call)
Oct 3, 2012 – Medley publishes to clients its report, "Fed: December Bound," containing more nonpublic details on the deliberations at the September meeting.
Oct 4, 2012 - Fed releases the minutes of its Sept 12-13 meeting, shedding more light on the policy discussion.
Later in 2012 – Then Fed Chairman Ben Bernanke orders an internal review of the leak preceding the official release of the minutes.
Later in 2012 – Lacker is interviewed by internal Fed lawyers as part of the probe, does not fully disclose the details of his conversation with the Medley analyst.
Dec 12, 2012 – FOMC announces its plan to expand QE3, including purchases of $45 billion of long-term Treasuries per month.
Sometime in 2015 – Lacker is interviewed by officials from the FBI, U.S. Attorney's Office for the Southern District of New York, the Office of the Inspector General of the Federal Reserve Board and the U.S. Commodity Futures Trading Commission and then discloses details of his conversation with the Medley analyst.
May 2015 – U.S. Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, subpoenas Fed documents and communications related to the leak.
Jan 10, 2017 – Lacker announces his intention to retire as president of the Richmond Fed at the end of October.
April 4, 2017 – Lacker announces his immediate resignation from the Richmond Fed and admits publicly to his contact with the Medley analyst.
Assembled by Dan Burns; editing by Diane Craft