Trump announces nominees to fill vacant seats at Fed board

Trump announces nominees to fill vacant seats at Fed board

Richard Clarida, longtime economics professor at Columbia University, has been tapped by President Donald Trump to be vice chairman of the Board of Governors of the Federal Reserve System. The action represents the latest steps in Trump's efforts to remake the seven-member Fed board, which now has four vacancies.

Bowman is nominated to become a Fed governor who should have community banking experience as required by the Congress. Both nominations need Senate approval.

The vice chair job, which was vacant since Stanley Fischer stepped down in October past year, was considered as one of the most influential positions in the central bank alongside the chair and the president of the New York Fed.

Dr. Clarida is a managing director in the NY office and PIMCO's global strategic advisor.

Clarida, a Republican economist, has drawn comparisons to newly installed Fed Chairman Jerome Powell for a pragmatic approach to monetary policy.

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The selection of Clarida, who received his doctorate in economics from Harvard, was viewed as a way to provide support for Powell, an attorney by training, who is the first non-economist to lead the Fed in almost four decades.

Trump also intends to nominate Michelle Bowman, the Kansas bank commissioner, for a position on the central bank's board.

Bowman would fill a spot on the seven-member Fed board reserved for a community banker or regulator of community banks.

Clarida has taught at Columbia since 1988, except for a break in 2002 to serve as assistant secretary for economic policy at the United States Treasury in the Bush administration.

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