Richard Clarida, vice chairman of the Federal Reserve Board, said Monday he would be stepping down from his central bank post this week amid a scandal over business that Clarida and other Federal Reserve officials did in the early days of the Covid-19 Pandemic.
Clarida’s resignation will take effect on Friday, 17 days before his term ends, the Fed said in a statement on Monday.
Clarida, an economist who has been deputy chairwoman of the central bank since 2018, gave no reason for his resignation in her resignation letter.
Clarida is the newest and most high-profile Fed official to quit at the start of the pandemic over questions about trading activities after the presidents of the Federal Reserve’s Boston and Dallas branches retired last fall due to their own trade controversies.
In November, President Joe Biden nominated Federal Reserve Governor Lael Brainard to replace Clarida as vice chairman, although Brainard is awaiting Senate approval.