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Trump to nominate economist Richard Clarida as Fed vice chair

President Donald Trump resumed his efforts to put his own stamp on the Federal Reserve, nominating one person for vice chair and another for a governor's position.

The nominees are Richard Clarida, a Columbia University economist and global strategic advisor at bond giant Pimco who was tapped for vice chair, and Michelle Bowman, Kansas bank commissioner, who the president picked for an open governor's spot.

Both appointments had been rumored for month and come as Trump is trying to fill four vacancies at the central bank. One nominee, Marvin Goodfriend, faces an uncertain future as the name has been stuck in the Senate for months.

Clarida's nominee is key in that he will be the chief deputy for new Fed Chairman Jerome Powell. The position has been vacant since Stanley Fischer left in October.

The nomination could come at a critical time as the Fed is in the midst of normalizing policy after the extreme measures taken in the wake of the financial crisis. The Federal Open Market Committee, of which both nominees would be voting members, approved a quarter-point rate hike in March.

This story is developing. Please check back for updates.



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