Corruption at the Federal Reserve is rampant.
Elites had to do something.
So this top economic official was forced to fall on his sword after the pandemic exposed shocking corruption at the Federal Reserve.
The Vice Chair of the Federal Reserve was caught in a disturbing scandal resulting in his early resignation
Richard Clarida, the Vice Chair of the Federal Reserve, announced this week that he will step down from his position – less than a month before his term ends.
Clarida is not the first Fed policy maker to recently vacate for the same scandalous actions.
Conveniently, this departure has emerged around the same time Clarida’s personal financial decisions have been highlighted.
In February 2020, the Fed rolled out what was dubbed their “most aggressive policy tools ever.”
These tools were utilized in an effort to combat the financial implications COVID placed upon our nation’s financial system.
One of the most impactful decisions from these efforts was the Fed’s decision to drop its benchmark interest rate to zero.
As well as lending and liquidity programs that kept the economy afloat during the height of the financial implications caused by the pandemic.
Clarida, as luck would have it, decided to sell shares in three major stock funds just shy of the market drop on February 24.
He would later buy these shares back – just three days after the sale.
Like others in DC, this decision was claimed to be preplanned and had nothing to do with the current climate of the financial realm.
The Federal Reserve Chairman, Jerome Powell, commented that “Rich’s contributions to our monetary policy deliberations, and his leadership of the Fed’s first-ever public review of our monetary policy framework, will leave a lasting impact in the field of central banking. I will miss his wise counsel and vital insights,” according to a CNBC report.
Powell made no mention of the scandal that has been brought to light of Clarida’s finances in his farewell.
Nor that this resignation trails that of two regional Fed Presidents over their trading activities – Eric Rosengren of Boston and Robert Kaplan of Dallas.
This departure is taking place the same week Powell’s confirmation hearing for a second term is to take place.
In true Washingtonian-style, Clarida departs without any hint of the scandal.
Clarida stated in his resignation letter to President Joe Biden that “I am proud to have served with my Federal Reserve colleagues as we, in a matter of weeks, put in place historic policy measures that, in conjunction with fiscal policy, steered the economy away from depression and that have supported a robust recovery in economic activity and employment since,” CNBC reported. “There is still road left to walk and damage to be repaired.”
Patriot Political will keep you up-to-date on any developments to this ongoing story.
