Pres Trump Announces Two Federal Reserve Picks

Galtero Lara
Abril 17, 2018

President Trump announces plans to fill two key spots at the Federal Reserve.

Trump tapped Richard Clarida for a four-year term as Fed vice chairman, filling a seat vacated in October by former Vice Chair Stanley Fischer.

The Federal Reserve Board is seeking applications for new members of its Community Advisory Council (CAC) and is interested in candidates from several fields, including financial services and technology, asset and wealth building and housing and mortgage finance.

With extensive experiences in academic research on monetary policy and macroeconomics, Clarida is widely expected to provide critical support for the Fed chair Jerome Powell who has no education background on economics on monetary decisions and solutions to possible future recession.

Clarida is an economics professor at Columbia University and a managing director at the investment giant Pimco. Previously, Clarida worked in President Ronald Reagan's administration, serving as a senior staff economist on the Council of Economic Advisers.

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Goodfriend's nomination won narrow approval on a 13-12 vote in the Senate Banking Committee in February.

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

"Clarida should help to ensure continuity of the sure-handed leadership that markets have grown accustomed to in recent years, something that could prove valuable if the economy enters a downturn", the economists wrote. Berkovitz is a partner and co-chair of the futures and derivatives practice at the law firm of WilmerHale.

Trump's pick for the chairman of the CFTC, Chris Giancarlo, was confirmed in August, along with two other commissioners. Bowman now serves as the Kansas State Bank Commissioner, a position to which she was the first woman appointed and confirmed by the Kansas State senate.

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