Two Fed presidents resign after criticism of their investment activities

ROBERT KAPLAN had a busy 2020. As a voting member of the Federal Reserve’s monetary-policy committee, he participated in its decisions to ramp up stimulus. As head of the Dallas Fed, he made two dozen public appearances, speaking at chambers of commerce, think-tanks and conferences. And as a wealthy individual, he traded millions of dollars’ worth of stocks in companies from Apple to Chevron.On September 27th, amid growing questions about the propriety of such activity for a Fed official, Mr Kaplan announced his resignation. The focus on his trading, revealed in his annual financial disclosure, risked becoming a distraction for the central bank, he said.