Fed’s Clarida to Resign Jan 14, 2 Weeks Ahead of End of Term

Federal Reserve Vice Chair Richard Clarida reacts as he holds his phone during the three-day "Challenges for Monetary Policy" conference in Jackson Hole, Wyo., on Aug. 23, 2019. (Jonathan Crosby/Reuters)

Federal Reserve Board Vice Chair Richard Clarida will resign on Jan. 14, the U.S. central bank said on Monday, ending a term began in 2018 as second-in-command to Fed Chair Jerome Powell.

Clarida’s term was to expire on Jan. 31, and President Joe Biden has nominated Fed Governor Lael Brainard to take his spot on the Fed Board.

Clarida’s resignation comes after reports that he corrected his previous financial disclosure late last month to show he sold a stock fund and then swiftly rebought it shortly before the Fed announced a barrage of rescue programs to stem the economic fallout from the pandemic.