federal_reserve

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 two nominations are the latest steps in Trump’s efforts to remake the seven-member Fed board, which currently has four vacancies. Both nominations need Senate approval.

Clarida would become the Fed’s No. 2 official, filling a spot left vacant when Stanley Fischer stepped down last October.

Bowman would fill a spot on the Fed board that is reserved for a community banker or a regulator of community banks.

Trump last year tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman. He also selected Randal Quarles to be vice-chairman for bank supervision.

Also read:

Fed chair committed to gradual rate hikes

Fed in March discussed ‘slightly steeper’ future rate hikes

Is U.S. inflation on the rise?

Originally published on Advisor.ca
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