President Trump announces nominees to fill 2 vacant seats at Fed board

Cornelia Mascio
Aprile 17, 2018

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.

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. The position is reserved by Congress for a community banker or a regulator of community banks.

A contender to be named vice chair of the U.S. Federal Reserve, Richard Clarida, managing director at Pacific Investment Management Co., (PIMCO), appears in this handout photo provided March 1, 2018.

Clarida served in the Treasury under a former president George W. Bush, and in Ronald Reagan's White House. Since joining PIMCO in 2006, Dr. Clarida has assessed and analyzed global monetary and fiscal policy trends to inform the firm's investment process, and he has also worked extensively with and served as a trusted adviser to the firm's many central bank and sovereign wealth fund clients. In articles written for PIMCO, Clarida has outlined views largely consistent with current Fed policy.

Bowman's family owns the Farmers and Drovers Bank of Council Grove, Kansas, where she served a vice president from 2010 until her appointment as state bank commissioner. 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 and Bowman were the fourth and fifth nominees announced by Trump to fill the Fed board's vacant seats, following chair Powell, vice chairman for banking supervision Randal Quarles, and Carnegie Mellon University professor Marvin Goodfriend whose nomination to be a Fed governor still awaits Congressional approval.

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