In a statement, the Richmond Fed said:
The Federal Reserve places a high priority on safeguarding information. We expect every employee to comply with all relevant policies and procedures, as well as our standards of conduct. Employees must review and acknowledge our policies annually. Once our bank’s board of directors learned of the outcome of the government investigations, they took appropriate actions.
Lacker had previously announced that he would retire by October of this year, and a search was already under way for his successor. The Richmond Fed’s first VP, Mark Mullinix, will serve as the bank’s acting president.