Richard Clarida, the vice chair of the Federal Reserve who has come under fire for making trades during the financial crisis brought on by the pandemic, announced on Monday that he will resign from the board effective on Friday.
The announcement, which came two weeks before his resignation was to go into effect, came in the form of a letter that Clarida sent to President Joe Biden.
“With my statutory term as governor due to expire on Jan. 31, 2022, I am writing to inform you that it is my intention to resign from the board on Jan. 14, 2022,” he wrote to the president.
The letter was released by the Fed on Monday.
In February 2020, Clarida made stock trades just