Arab Press

بالشعب و للشعب
Monday, Jul 07, 2025

Top US central banker resigns amid trading scandal

Top US central banker resigns amid trading scandal

The Fed vice chair is departing after media reports insinuated insider trading just before the Covid-19 pandemic was declared
Federal Reserve Board vice chair Richard Clarida has announced he will step down two weeks before his term is set to expire. His recently amended 2020 financial disclosures raised speculation about potential insider trading.

Nominated by President Donald Trump and confirmed in September 2018, Clarida was the top aide to Fed Chairman Jerome Powell. His resignation will be effective January 14, the Fed announced on Monday.

Clarida’s resignation comes shortly after media reports questioning his stock trades in February 2020, just before market upheavals due to the spread of the novel coronavirus. Clarida submitted revised financial disclosures last month, with the Fed saying his initial report contained “inadvertent errors.”

According to the disclosures, Clarida had sold shares in three stock funds on February 24 – mere days before Powell announced the central bank would help to salvage the pandemic-hit economy – only to buy one of them back three days later. He initially said this was part of “preplanned portfolio rebalancing.”

According to the Wall Street Journal, a Fed ethics officer said Clarida was “in compliance with applicable laws and regulations governing conflicts of interest.”

Clarida’s term was due to expire at the end of January. President Joe Biden has already nominated Lael Brainard to serve as his replacement, and her Senate confirmation hearing is scheduled for Thursday.

This is the third major resignation at the Fed involving questions about potential insider trading. Last September, the presidents of two Federal Reserve banks announced their early retirements. Eric Rosengren of the Boston Fed cited health issues, while Robert Kaplan of Dallas said he wanted to eliminate the distraction questions about his stock trades had become.

Both have faced questions over their investments, which were technically legal under the existing Fed rules but drew outrage from House and Senate Democrats.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
×