Digital dollar advocate will retire as Dallas Fed president

Digital dollar advocate will retire as Dallas Fed president

After more than six years, Rob Kaplan will be stepping down as the President and Chief Executive Officer of the Federal Reserve Bank of Dallas.

The Dallas Fed announced that Kaplan, its 13th president, and CEO, will be retiring as of Oct. 8. In his decision to resign, the 64-year old cited recent attention to his financial disclosure risks. This was likely due to media outlets reporting that Kaplan had traded stocks in companies such as Apple, Alibaba, Amazon and Google in 2020 while casting his vote for U.S. monetary policies.

The Dallas Fed president denied any allegations of improper conduct and said he “adhered” to all Federal Reserve ethical policies and policies. He also stated that his securities investing activities and disclosures were compliant with Bank compliance rules.

Kaplan also advocated for the U.S. to develop a central bank digital money, or CBDC as part of its economy and fiscal policies. The president stated that it was crucial that the Fed focus on the development of a digital currency over the next months and years at a virtual conference in November 2020.

Related: The US must prepare for digital currency

Jerome Powell, Fed chair, stated that the agency is still undecided about a digital currency, but would issue a discussion paper. When it comes to launching a CBDC in the United States, Powell has said that it is more important to “get it right than to be first”.

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