Trump to nominate economist, banking regulator to Fed board

by Francis Monfort19 Apr 2018

President Donald Trump plans to nominate Richard Clarida and Michelle Bowman to the Board of Governors of the Federal Reserve System, the White House has announced.

The nominations are subject to confirmation by the Senate.

Clarida was nominated to be vice chairman of the board for a term of four years. Under the nomination, he would also serve as a member of the board for the remainder of a 14-year term, expiring Jan. 31, 2022. If confirmed, Clarida would replace Stanley Fischer, who resigned in September for personal reasons.

Since 2006, Clarida has been the global strategic advisor for investment management firm PIMCO. He is also the current Lowell Harriss Professor of Economics at Columbia University, where he has taught since 1988. Clarida previously taught at Yale University and served as senior staff economist with President Reagan’s Council of Economic Advisers. In 2002, he served as assistant secretary for economic policy at the Treasury.

Trump intends to nominate Bowman to be a board member of the Board of Governors of the Federal Reserve System as the Community Bank Representative for the remainder of a 14-year term expiring Jan. 31, 2020.

As the current Kansas State Bank Commissioner, Bowman is the chief regulator for state-chartered banks and non-depository lenders. She earlier served as an executive at Farmers and Drovers Bank. Bowman had also served on the staff of Sen. Bob Dole, as counsel for several House committees, as director of congressional and intergovernmental affairs at the Federal Emergency Management Agency, and as deputy assistant secretary and policy advisor to Secretary Tom Ridge at the Department of Homeland Security.

 

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