Richard Clarida, the Federal Reserve’s vice chair, announced Monday that he will resign from the Fed board. Clarida’s resignation follows that of two Fed regional bank presidents, Robert Kaplan and Eric Rosengren, who also left their posts after their stock trading behavior during the pandemic raised ethics questions and drew outside scrutiny. The Fed announced a major tightening of its rules overseeing the personal financial activities of top officials in October. There is also an independent investigation into whether trades by Fed officials violated ethics rules and the law and the ethics of the Fed’s inspector general. The New York Times reported last week that Clarida initially failed to disclose the full extent of his trading activities in December, and Clarida corrected his public disclosures of stock trades in December.
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