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Richard Clarida, Deputy Chairman of the Federal Reserve Board said On Monday, he will step down from his position at the central bank this week amid a scandal between Clarida and other Federal Reserve officials on trades made in the early days of the COVID-19 pandemic.

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The Fed announced on Monday that Clarida’s resignation would take effect Friday, 17 days before his term ends. release,

Economist Clarida, who served as vice president of the central bank since 2018, did not specify the reason for his departure in his resignation Letter,

Clarida is the latest and most high-profile Fed official to pull out amid questions about business activity at the start of the pandemic, following the presidents of the Federal Reserve’s Boston and Dallas branches amid business disputes of their own.

In November, President Joe Biden nominated Federal Reserve Governor Lyle Brainard to succeed Clarida as vice president, although Brainard is still awaiting confirmation by the Senate.

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