Fed vice chairman Richard Clarida resigns
Criticized for stock transactions carried out at the start of the pandemic, Richard Clarida will leave his post at the end of January.
The U.S. Federal Reserve building in Washington, August 6, 2021.
AFP
US Central Bank (Fed) Vice President Richard Clarida, who recently found himself under fire for stock transactions made at the start of the pandemic, on Monday announced his intention to step down before his expiration date. term of office at the end of January.
Richard Clarida did not give any specific explanations for this departure scheduled for January 14. But the first revelations about purchases and sales of financial products on the markets he made in early 2020, when the Fed stepped up to support the economy, appeared in October.
Following new information from the “New York Times” last week, Senator Elizabeth Warren on Monday called on the Fed on Twitter to “be completely transparent about the disturbing evidence of possible insider trading by Fed officials.”
Review of ethics rules
Several officials of the institution have already been implicated for their stock market transactions, two of them, the presidents of the regional offices of the Fed in Dallas, Robert Kaplan, and of Boston, Eric Rosengren, having announced their resignation in September. .
After the first revelations in these cases, the Fed had announced a full review of the rules of ethics concerning the financial activities authorized for its officials. In his post since September 2018, Richard Clarida has more specifically worked on the communication of the institution’s monetary policy committee. He was also the Fed’s representative to various international organizations, including the Bank for International Settlements, the G20, the G7, the IMF and the OECD.
“Rich’s (Richard Clarida, editor’s note) contributions to our monetary policy deliberations and his leadership of the very first public assessment of the Fed’s monetary policy framework will leave a lasting impact on the central bank,” commented the president of the institution, Jerome Powell, in a statement. “I will miss his wise advice and essential advice,” he added.
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