Richard Clarida, President Trump’s nominee to be the vice chairman of the Federal Reserve, will pledge transparency and accountability as a central banker at a confirmation hearing Tuesday.
Clarida, an adviser to the investment giant PIMCO and an academic economist, is set to promise to “foster the transparent communication and accountability that is so vital to preserving the Federal Reserve’s independent and nonpartisan status,” according to his written testimony.
Although some Fed watchers have raised concerns about the Trump administration’s commitment to the Fed’s independence, given Trump officials’ public commentary on interest rate decisions, Clarida is viewed as a mainstream pick for the role. He received an endorsement Monday from former Fed Chairman Ben Bernanke and former Fed Vice Chairman Stanley Fischer, per the Wall Street Journal. Fischer was the last person to hold the position of vice chair.
In addition, Clarida promised a “balanced approach” to meeting the Fed’s dual mandate of keeping unemployment low and prices steady.
Kansas State Bank Commissioner Michelle Bowman, Trump’s nominee for a spot on the Fed’s Board of Governors dedicated to a community banker, is also scheduled to testify at Tuesday’s hearing.
In her written testimony, Bowman said that “I have witnessed firsthand how the regulatory environment created in the aftermath of the crisis has disadvantaged community banks.”
