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Fed’s Clarida to resign on Jan. 14, two weeks before term ends


© Reuters. Robinhood Markets, Inc.’s logo appears at a pop-up event on Wall Street following the company’s initial public offering in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly


(Reuters) – The U.S. central bank said on Monday that Fed Vice Chairman Richard Clarida will step down on Jan. 14, ending a term that began in 2018 as second-in-command to Fed Chairman Jerome Powell.

Clarida’s term expires on January 31, and U.S. President Joe Biden has nominated Fed Governor Lael Brainard to serve on the Fed’s board.

Clarida’s resignation comes after reports that he corrected his previous financial disclosure late last month to show he sold an equity fund, then quickly reopened shortly before the Fed announced a series of rescue packages to stem the economic fallout from the pandemic. buy.

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