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Trump Fed appointments: Pimco executive, Kansas bank commissioner

17 April 2018

US President Donald Trump has said he plans to nominate Columbia University professor Richard Clarida and Kansas banking regulator Michelle Bowman to fill two vacant seats at the board of the Federal Reserve.

Clarida is an Economics Professor at Columbia University and Managing Director at the private banking firm PIMCO.

He replaces Stanley Fischer, who announced that he was resigning as vice-chairman for personal reasons effective October 13. Since joining PIMCO in 2006, Dr. Clarida has assessed and analyzed global monetary and fiscal policy trends to inform the firm's investment process, and he has also worked extensively with and served as a trusted adviser to the firm's many central bank and sovereign wealth fund clients. 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.

The moves are the latest ways Trump is seeking to reshape the Federal Reserve, which has seen a high level of turnover in the past two years.

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Trump a year ago tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman.

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.

Bowman is nominated to become a Fed governor who should have community banking experience as required by the Congress. Bowman now serves as the Kansas State Bank Commissioner, a position to which she was the first woman appointed and confirmed by the Kansas State senate.

In a third selection Monday, Trump picked securities lawyer Dan Michael Berkovitz to fill a seat at the Commodity Futures Trading Commission, which regulates derivatives markets.

Trump Fed appointments: Pimco executive, Kansas bank commissioner