Trump selects Fed vice chairman and board member nominees

17 April, 2018, 12:57 | Author: Regina Silva
  • Columbia economist Richard Clarida tapped for vice chair of Federal Reserve

The vice chairman of the Federal Reserve Board is one of seven members, or "governors", who comprise the Fed's governing body, which oversees all Federal Reserve banks.

President Donald Trump on Monday nominated a former Treasury official and a Kansas banking regulator to fill two vacant seats on the Federal Reserve Board.

Clarida will serve as the vice chairman of the Fed for a four-year term, according to a statement released by the White House on Monday, Xinhua news agency reported. Clarida will be the first Trump appointee to the board who possesses a doctorate in economics, a typical qualification for high-level positions within the Federal Reserve system.

Clarida is an Economics Professor at Columbia University and Managing Director at the private banking firm PIMCO. Previously, Clarida worked in President Ronald Reagan's administration, serving as a senior staff economist on the Council of Economic Advisers.

Trump will also name Michelle Bowman, the Kansas bank commissioner, to a spot on the Fed's Board of Governors reserved for a community banker or community bank regulator.

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

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

But another Trump nominee, Carnegie Mellon University economist Marvin Goodfriend, faces stiff opposition from Democrats, casting doubt on chances he will be confirmed by the full Senate.

Berkovitz was CFTC general counsel from 2009 to 2013, immediately following the financial crisis, and now serves at the powerful global law firm WilmerHale.

If confirmed by the Senate, the picks allow Trump to further mold the central bank leadership to his liking.

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