Trump to announce Richard Clarida as Fed vice chair today

  • Trump to announce Richard Clarida as Fed vice chair today

Trump to announce Richard Clarida as Fed vice chair today

Trump will also nominate Michelle Bowman, Kansas' top banking regulator, to the Fed's Board of Governors.

The White House announced on Monday that President Donald Trump will nominate Pimco's Richard Clarida to serve as vice chairman of the Federal Reserve. Both nominations need Senate approval.

The council helps the Fed gather feedback and perspectives on a wide range of policy issues and responsibilities including banking supervision and regulatory compliance, systemic risk oversight and monetary policy decision-making and implementation of the Community Reinvestment Act (CRA).

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. 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.

As a Ph.d economist, he also had deep experience in US government and served as assistant secretary for economic policy at the US Treasury from 2002 to 2003, who provided economic advices to the Treasury Secretary.

Trump previous year tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman.

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 a banking regulator in Kansas City.

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.

Before the local bank regulator job, Bowman served as the vice president of the Farmers and Drovers Bank in Kansas, a local bank owned by her family.