Trump Fed appointments: Pimco executive, Kansas bank commissioner

A security guard walks in front of an image of the Federal Reserve

A security guard walks in front of an image of the Federal Reserve

In a statement released by the White House on Monday, the President is nominating Richard Clarida as Vice Chair and Michelle Bowman for an open Governor's position.

On 16 April 2018, President Trump nominated Dr. Clarida to become the next vice chairman of the U.S. Federal Reserve.

If he is confirmed by the Senate, Clarida will replace Stanley Fischer, who announced his retirement in September after serving as vice chairman for about 3 1/2 years. Clarida is also nominated as one of the seven members of the Fed's board of governors.

Clarida's research at Columbia focuses on macroeconomics and monetary policy, topics on which he also advises the asset management firm Pacific Investment Management Company. He was a staff economist on the Council of Economic Advisers under President Ronald Reagan from 1986-87, an adviser at the New York Fed from 1991-92 and 1995-97, and an assistant secretary for economic policy at the Treasury from 2002-03.

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But another Trump nominee, Carnegie Mellon University economist Marvin Goodfriend, faces stiff opposition from Democrats, casting doubt on chances he will be confirmed by the full Senate.

While Trump was highly critical of the Fed during the 2016 presidential campaign, his selections for Fed jobs so far have come from mainstream economists rather than the ranks of conservative economists who have been highly critical of the central bank's actions in the wake of the 2008 financial crisis.

"Clarida should help to ensure continuity of the sure-handed leadership that markets have grown accustomed to in recent years, something that could prove valuable if the economy enters a downturn", the economists wrote.

The vice chair job, which was vacant since Stanley Fischer stepped down in October a year ago, was considered as one of the most influential positions in the central bank alongside the chair and the president of the New York Fed. Berkovitz is a partner and co-chair of the futures and derivatives practice at the law firm of WilmerHale.

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