On Monday, 17th September, the American Federal Reserve swore in its vice-chairman in Richard Clarida. The 57-year-old economist will also take his place as a member of the Federal Reserve's board. Earlier in August, it had been confirmed that Clarida would be appointed as the Federal Reserve's vice-chair by the American Senate.
Clarida was sworn-in by the Reserve chairman Jerome Powell. Clarida will takeover from Stanley Fischer in the position. Clarida is now eligible to vote on the Federal Reserve's monetary policy in their next scheduled meet on 25th-26th September.
A lot is expected of this meeting, including a potential increase in the key rates in what would be the third time in 2018. Clarida's resume is deeply stacked. Between 2002-03, during George W. Bush's presidency, served as the assistant secretary of the treasury for economic policy and has been awarded the treasury medal.
In addition, he is also an economics professor at the Columbia University and has been a global strategic advisor at the Pacific Investment Management Company (PIMCO).