Trump taps former Treasury official for Fed post


President Donald Trump has selected Columbia University professor Richard Clarida to be vice chairman of the Federal Reserve and Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed's seven-member board.

The Deutsche Bank economists Peter Hooper and Matthew Luzzetti praised the decision to nominate Clarida, describing him as a positive for the Fed's handling of the economy. Both nominations need Senate approval.

Clarida's research at Columbia focuses on macroeconomics and monetary policy, topics on which he also advises the asset management firm Pacific Investment Management Company. As vice chairman, Clarida would serve as the No. 2 Fed official.

The vice chair job, which was vacant since Stanley Fischer stepped down in October a year ago, was considered as one of the most influential positions in the central bank alongside the chair and the president of the New York Fed. If confirmed by the U.S. Senate, Clarida will be the chief deputy to new Fed Chair Jerome Powell.

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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.

Bowman is the first woman ever to serve as Kansas banking commissioner, which oversees locally chartered banks and non-depositary lenders.

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.

Bowman's family owns Farmers & Drovers Bank in Council Grove, Kansas, according to the WSJ and she has been a vice-president since 2010.