Trump Set to Nominate Richard Clarida, Michelle Bowman to Fed Board

Donald Trump

President Trump today announced the nomination of economist and monetary policy specialist Richard Clarida to serve as Federal Reserve vice chairman.

Clarida is now an economics professor at Columbia University and is a managing director at investment giant PIMCO.

Clarida is a Columbia University professor and the managing director and global strategic adviser at PIMCO, an investment management firm. He is seen as a pragmatist rather than an idealist and is well regarded by both conservative and liberal economists, according to The Wall Street Journal.

FBN's Jennifer Schonberger on the Federal Reserve's outlook for the economy.

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Both appointments had been rumored for month and come as Trump is trying to fill four vacancies at the central bank.

The two nominees indicate that the president has chosen against nominating people who are critical of the Federal Reserve. Bowman's seat is reserved for a community banker or community bank regulator. During the 2016 presidential election, the president often criticized the Federal Reserve. Previously, Clarida worked in President Ronald Reagan's administration, serving as a senior staff economist on the Council of Economic Advisers. He also served in the Treasury Department during the George H.W. Bush administration. In addition to Fischer's retirement, Trump also selected Jerome Powell to take over for Janet Yellen as the Fed chair and Randal Quarles to serve as vice chair for supervision.

Pres. Trump is also nominating Dan Berkovitz as Commissioner of the Commodity Futures Trading Commission (CFTC). The Senate Banking Committee approved his nomination along party lines in February, but key Senate conservatives could derail Goodfriend's confirmation. 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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