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Federal Reserve

Richard Clarida sworn in as vice chair of US Federal Reserve

Key Points
  • The U.S. Federal Reserve said on Monday that Richard Clarida has been sworn in as a member of its board of governors and as vice chairman. 
  • Clarida had been confirmed by the Senate late last month.
  • Clarida will vote on monetary policy at the Fed's next meeting on Sept. 25-26.
Richard Clarida, vice chairman of the U.S. Federal Reserve nominee for U.S. President Donald Trump, swears in to a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, May 15, 2018. 
Andrew Harrer | Bloomberg | Getty Images

The U.S. Federal Reserve said on Monday that Richard Clarida has been sworn in as a member of its board of governors and as vice chairman, the second most powerful position at the central bank.

The oath of office was administered by Fed Chairman Jerome Powell on Monday, the Fed said in a statement. Clarida had been confirmed by the Senate late last month.

It means that Clarida, formerly a managing director at fund manager Pimco and an economics professor at Columbia University, will vote on monetary policy at the Fed's next meeting on Sept. 25-26.

The Fed is widely expected to raise interest rates at that meeting, which would be the third such increase this year.

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Key Points
  • When Lehman Brothers failed 10 years ago, the Fed and other government agencies took all types of actions to head off a collapse of the financial system. Officials are still unwinding some of those moves.
  • The slow pace of reversing these policies is part of an evolution of the major central banks, which have changed with their environment.
  • Now there are doubts the Fed will be able to continue scaling back its balance sheet as much as previously thought.