Friday, 14 December, 2018


Trump to nominate economist Clarida as new Fed vice chairman

Bank President Robert Kaplan gestures during a news conference after of the True Economic Talks event Bank President Robert Kaplan gestures during a news conference after of the True Economic Talks event
Conrad Doyle | 17 April, 2018, 04:10

Trump also announced the nomination of Michelle Bowman to fill the designated community bank seat on the Federal Reserve Board of Governors - the first time the position has been filled since it was created by Congress during the Obama administration.

"It's essential to have someone on the Federal Reserve Board with community banking experience, and President Trump made an excellent choice in Miki Bowman", Nichols said.

Clarida will replace Stanley Fischer as Vice Chair.

The new members will replace the handful of members whose terms expire at the end of the year and will serve three-year terms beginning January 1, 2019.

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. In addition to academic appointments, Clarida served as a staff economist on the Council of Economic Advisers under President Ronald Reagan from 1986 to 1987, as an assistant secretary for economic policy at the Treasury from 2002 to 2003, and as an adviser at the Federal Reserve Bank of NY from 1991 to 1992 and 1995 to 1997.

Bowman's family owns the Farmers and Drovers Bank of Council Grove, Kansas, where she served a vice president from 2010 until her appointment as state bank commissioner.

Clarida's nominee is key in that he will be the chief deputy for new Fed Chairman Jerome Powell.

Pres. Trump is also nominating Dan Berkovitz as Commissioner of the Commodity Futures Trading Commission (CFTC). The CFTC is the main U.S. regulator for futures and options trading. If confirmed by the Senate, he would serve as the No. 2 to. Berkovitz was general counsel for the CFTC from 2009 to 2013.

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