Economics
Fed Nominee Richard Clarida Favors ‘Balanced Approach’ to Policy
- Vice chair designate says he will also back post-crisis reform
- Clarida scheduled to testify before Senate Tuesday at 10 a.m.
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Richard Clarida, President Donald Trump’s nominee for vice chairman of the Federal Reserve, told U.S. lawmakers he would support policies that take a “balanced approach” to achieving the Fed’s goals of maximum employment and price stability.
“I fully support both pillars of this dual mandate and pledge to the committee that if I am confirmed by the Senate, I will support monetary policies that take a balanced approach to achieving these important objectives,” Clarida, a prominent monetary economist and global strategic adviser at Pacific Investment Management Co., said in testimony he is scheduled to deliver Tuesday before the Senate Banking Committee. The hearing gets underway at 10 a.m.