Fed vice chair is latest official to quit in trading scandal

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Federal Reserve Vice Chair Richard Clarida said he will step down on Friday, the third Fed official to resign in the wake of a trading scandal at the central bank. The announcement followed new revelations around Clarida’s trading in a stock fund in February 2020, when the coronavirus threatened to upend the global economy and the Fed was discussing extraordinary measures to counter its impact. The New York Times last week reported that Clarida amended his financial disclosures to show that he had sold and then repurchased shares in the stock fund in a matter of days that month. The repurchase came a day before Chair Jerome Powell said the Fed was prepared to support markets and the economy.