The Fed legislator Richard clarida announced on monday that would resign as vice president of the FOMC on Friday, two weeks before his term on the central bank’s board of governors ended. His early resignation announcement comes after a recent surge in public scrutiny over the transactions he conducted in late February 2020, just as global equity markets had started to crash as the Covid-19 pandemic raged across everyone.
An initial public disclosure that first drew public attention last year showed that Clarida had sold shares in three exchange funds on February 24. However, a more recent amendment to this disclosure showed that only three days later, on February 27, he bought one of these positions. That purchase came a day before an unscheduled announcement from President Jerome Powell commenting that the Fed was willing to cut interest rates to support the economy on February 28.
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