Fed Vice Chair Richard Clarida resigns amid trading scandal

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Federal Reserve Vice President Richard Clarida said he would step down on Friday, the third Fed official to resign in the wake of a business scandal at the central bank.

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WASHINGTON — Federal Reserve Vice President Richard Clarida said Monday he would step down on Friday, the third Fed official to resign in the wake of a business scandal at the central bank.

The announcement followed fresh revelations surrounding Clarida’s trading in a stock fund in February 2020, when the coronavirus threatened to upend the global economy and the Fed was discussing extraordinary measures to counter its impact.

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The New York Times reported last week that Clarida amended its financial disclosures to show that it sold and repurchased shares in the stock fund within a few days of that month. The repurchase came a day after Chair Jerome Powell said the Fed was ready to support the markets and the economy.

Clarida, who has been part of an inner circle of Fed officials close to Powell and known as the “troika”, was due to end his term at the end of this month. Instead, he would instead resign about two weeks earlier.

Clarida began her position in September 2018 after teaching at Columbia University and working for investment fund manager PIMCO for 12 years.

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