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Just In! Source of Leak Exposed, Immediate Resignation Announced (Video)

Saturday, April 8, 2017 3:13

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Jack Davis for western journalism reports, Richmond Federal Reserve President Jeffrey Lacker announced his immediate resignation Tuesday, admitting his involvement with a 2012 information leak. Lacker said a conversation with an analyst from Medley Global Advisors in 2012 may have disclosed confidential information about Fed policy options.

Jeffrey M. Lacker became the seventh president of the Federal Reserve Bank of Richmond on August 1, 2004.

Lacker is a native of Lexington, Kentucky. He received a bachelor’s degree in economics from Franklin & Marshall College in 1977. Following graduation, he joined Wharton Econometrics in Philadelphia, Pennsylvania, and went on to earn a doctorate in economics from the University of Wisconsin in 1984.

Lacker was an assistant professor of economics at the Krannert School of Management at Purdue University from 1984 to 1989 before joining the Richmond Fed in 1989 as an economist in the banking area of the Research Department. He was named research officer in 1994, vice president in 1996 and senior vice president and director of research in May 1999. While at the Richmond Fed, he taught at The College of William and Mary from 1992 to 1993, and was a visiting scholar at the Swiss National Bank in 1997.

As Richmond Fed president, Lacker has had three rotations as a voting member of the Federal Open Market Committee ― 2012, 2009 and 2006. He cast eight dissenting votes during the FOMC meetings in 2012. He began a fourth rotation as a voting member in 2015.

Lacker has authored numerous articles on monetary, financial and payment economics, which have been published in professional journals. He also has presented papers and speeches at universities and central banks worldwide, on topics such as financial stability and central banking policy.

Active in the local community, Lacker is a member of the executive committee of Venture Richmond, and serves as director for the boards of the Council for Economic Education, the World Affairs Council of Greater Richmond and Richmond’s Future. He is also a member of the advisory board of ROSMY, and serves on the University of Richmond board of trustees.

Lacker and his wife, Lisa Halberstadt, have two sons.

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