Economics

Powell’s Inner Circle Takes Shape With Clarida as Fed’s No. 2

He’s a Ph.D. economist and Columbia University professor
Trump also plans to name Michelle Bowman as Fed governor

TS Lombard’s Steven Blitz discusses the markets and Trump’s plan to nominate Richard Clarida as the Fed’s vice chair.(Source: Bloomberg)

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By Rich Miller and Jennifer Jacobs

April 16, 2018 at 5:49 PM UTC

Updated on

April 16, 2018 at 7:51 PM UTC

This article is for subscribers only.

U.S. President Donald Trump announced his intention to nominate Richard Clarida, a respected monetary economist and Pacific Investment Management Co. global strategic adviser, as vice chairman of the Federal Reserve.

In a White House statement released Monday, Trump also announced plans to nominate Kansas State Bank Commissioner Michelle Bowman as Fed governor representing the interests of community banks. Both selections are subject to confirmation by the U.S. Senate. The seven-seat Fed Board currently has four vacancies.