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.

More news: Giant asteroid 2018 GE3 makes surprise fly-by past Earth
More news: Authorities Identify Three Bodies Belonging to Missing California Family
More news: Sorting Out the Numbers For ConocoPhillips (NYSE:COP)

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.

Recommended News

  • Local man pleads guilty to child porn charges

    Local man pleads guilty to child porn charges

    A LaPorte County man faces almost a dozen state and federal charges for producing child pornography and making homemade bombs. Police searched Weiler's house in September 2017 and found bomb-making materials, tools, and equipment and two homemade bombs.
    Lung cancer tops China's malignant tumour incidence rate

    Lung cancer tops China's malignant tumour incidence rate

    In a second study, doctors found that giving Opdivo to advanced lung cancer patients before surgery helped shrink tumors and kill cancer cells.
    Modi leaves for Sweden on his three-nation tour of Europe

    Modi leaves for Sweden on his three-nation tour of Europe

    My visit to London presents another opportunity for both countries to infuse fresh momentum to this growing bilateral engagement. Prime Ministers of all the Nordic countries - Denmark, Finland, Iceland, Norway and Sweden - will also attend the summit.
  • Gunman shoots at home of judge who barred Pakistan PM Nawaz Sharif

    Gunman shoots at home of judge who barred Pakistan PM Nawaz Sharif

    Accountability Court-I Judge Mohammad Bashir has been conducting the proceedings since September a year ago . The petitioner said PEMRA did not block these hateful and ridiculing remarks passed against the judiciary.
    Severe cash crunch in ATMs in several states

    Severe cash crunch in ATMs in several states

    After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. "We are facing a cash crunch". There are reports from Varanasi as well of people saying there is no cash at ATMs since yesterday.
    SC orders security for Kathua rape victim's family, others (Second Lead)

    SC orders security for Kathua rape victim's family, others (Second Lead)

    She was allegedly drugged so that she could be sexually assaulted again before being bludgeoned to death, according to police. All eight accused in the Kathua rape-murder case were presented on Monday before Kathua Chief Judicial Magistrate A.S.
  • Miami Marlins vs. New York Yankees, 4-16-2018 - Prediction & Preview

    Miami Marlins vs. New York Yankees, 4-16-2018 - Prediction & Preview

    Jeter did not attend the game, the first between the teams since the former Yankees captain became Marlins CEO last October. The Nationals rallied against five pitchers in their big burst, winning for just the fourth time in 13 games.
    Apple won't return to peak sales in China

    Apple won't return to peak sales in China

    Technical Analysis of JD.com, Inc.: Technical indicators do not lead us to assume the stock will see more gains anytime soon. Gruss & has 42,250 shares for 6.99% of their portfolio. 1832 Asset Mgmt LP invested 1.09% of its portfolio in Apple Inc .
    Wide bandh brings Andhra Pradesh to a standstill

    Wide bandh brings Andhra Pradesh to a standstill

    Schools and banks as well as government offices will remain open and working despite the bandh . The Jagan Reddy-led YSRC hit back, accusing the Chief Minister of adopting "double standards".
  • Price to Earnings Ratio in Focus - Time Warner Inc (NYSE: TWX)

    The media conglomerate reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.16. It increased, as 64 investors sold TWX shares while 363 reduced holdings. 122 funds opened positions while 265 raised stakes.
    Salman Khan's Bharat finds its soul in Priyanka Chopra

    Salman Khan's Bharat finds its soul in Priyanka Chopra

    As the love story in Bharat is very mature and quite subtle, we needed an actor who could portray this in the best possible way. Obviously, there is a lot of recall value for fans of both the stars! This is a ideal time for PC to come back home, isn't it?
    Russian hackers start targeting critical United Kingdom  national infrastructure

    Russian hackers start targeting critical United Kingdom national infrastructure

    Further intelligence about the attacks had been added by "multiple" cyber-security organisations and companies, he added. Worryingly, the style of attack detected means hackers have permanent access to the networks they have infiltrated.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.