WASHINGTON – US Federal Reserve Vice Chair Richard Clarida said on Friday that he will step down from the central bank soon before his tenure ends at the end of the month.

Clarida wrote to US President Joe Biden, saying, "With my statutory term as Governor set to expire on January 31, 2022, I am writing to advise you that it is my plan to resign from the Board on January 14."

Clarida, who has been a member and vice chair of the Federal Reserve Board of Governors since September 2018, said he was proud to have worked with colleagues at the Fed to "put in place historic policy measures" that kept the US economy out of recession and aided a strong recovery from the Covid-19 pandemic.

"There's still a long way to go and damage to mend... I am convinced that once the reopening process is completed, we will see a welcome return to full employment and price stability "he stated In a statement, Fed Chair Jerome Powell stated, "Rich's contributions to our monetary policy debates, as well as his leadership of the Fed's first-ever public assessment of our monetary policy framework, will leave a lasting legacy in the area of central banking." Clarida's resignation comes after doubts were raised about financial transactions he made at the outbreak's begin.

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