Richard H. Clarida
Richard Clarida was hired by Pimco as global economic adviser and managing direct effective in January 2023.[1] He was previously vice chair of the U.S. Federal Reserve, confirmed to that role by the U.S. Senate in August 2018. He was also confirmed as a member of the Fed board to finish a term ending in February 2022.[2] Clarida abruptly resigned from the Fed in early 2022 after being involved in a trading scandal. He was cleared of wrongdoing after an investigation by the Fed’s Office of Inspector General. Before his appointment to the Fed board, Dr. Clarida served as the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University, where he taught from 1988 to 2018. From 1997 until 2001, he was chairman of the Department of Economics at Columbia University. A Republican and a monetary-policy specialist, he is well regarded by economists on both sides of the aisle and is thought of as more of a pragmatist than an ideologue. President Donald Trump nominated Clarida to the Federal Reserve position in April of 2018. Clarida played a leading role overseeing the Fed’s framework review in 2019, which led to a significant shift in 2020 in how the central bank conducts interest-rate policy. Those changes resulted in raising the Fed’s inflation target by saying the central bank should take past periods of inflation below the 2% target into account by seeking periods of inflation moderately above that level, in particular after periods in which the Fed was unable to provide more stimulus because interest rates had been cut to zero.[3] In December 2021, after having come under scrutiny for his financial transactions, Clarida admitted he had failed to fully disclose trades he made at the start of the Covid-19 pandemic, just a day before Fed Chair Jerome Powell signaled that the central bank might step in to rescue the economy when the pandemic hit the U.S. Clarida had moved between $1 million and $5 million out of a bond fund into a stock fund on February 26, 2020.[4] [5] Background[edit]In addition to his academic experience, Clarida served as the assistant secretary of the U.S. Treasury for Economic Policy from February 2002 until May 2003. In that position, he was chief economic adviser to Treasury secretaries Paul H. O'Neill and John W. Snow. He was awarded the Treasury Medal in recognition of his service. He also served on the Council of Economic Advisers under President Reagan. From 2006 to 2018, Clarida served as global strategic advisor with PIMCO and was promoted to managing director in 2015. He is a member of the Council on Foreign Relations and, from 1983 to 2018, was a member of the National Bureau of Economic Research (NBER). From 2004 to 2018, he served as co-editor of the NBER International Macroeconomics Annual.[6] Education[edit]Dr. Clarida received a BS in economics from the University of Illinois with Bronze Tablet honors and an MA and PhD in economics from Harvard University. References[edit]
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