Stock market transactions | Fed vice president resigns

(New York) US Central Bank (Fed) Vice President Richard Clarida, who recently came under fire for stock transactions made at the start of the pandemic, on Monday announced his intention to resign before the expiration of his mandate at the end of January.



Mr. 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 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.”

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, Mr. 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 contributions to our monetary policy deliberations and his leadership of the first-ever public assessment of the Fed’s monetary policy framework will leave a lasting impact in the realm of 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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