July 18 (Reuters) - Federal Reserve policymakers might need to act early to stimulate the U.S. economy as an insurance policy against rising risks, U.S. Federal Reserve Vice Chair Richard Clarida said on Thursday.

"You don't have to wait until things get so bad to have a dramatic series of rate cuts," Clarida said in an interview with the Fox Business Network. "You don't want to wait until data turns decisively if you can afford to." (Reporting by Jason Lange and Andrea Shalal in Washington; editing by Diane Craft)