President Trump plans to name Richard Clarida, an academic economist and adviser to the investment firm PIMCO, to be the vice chairman of the Federal Reserve’s Board of Governors, the White House said Monday.
Trump will pick Kansas State Bank Commissioner Michelle Bowman for another spot on the central bank’s seven-member board.
Clarida, a macroeconomist at Columbia University as well as an adviser to PIMCO, would provide monetary expertise as the No. 2 official behind Chairman Jerome Powell at the Fed. Powell, a former banker and investor, doesn’t have a background in academic economics.
Clarida also has government experience, having served in the George W. Bush Treasury Department.
In representing PIMCO, Clarida has regularly commented on the Fed’s monetary policy actions, both in notes for the firm and on TV.
He will serve alongside the Fed’s vice chairman for supervision, Trump appointee Randal Quarles, who is responsible for managing the Fed’s oversight of financial systems.
Bowman is a former staffer for former Sen. Bob Dole, R-Kan., and official in the Bush Department of Homeland Security.
If both Clarida and Bowman are confirmed, the board would be up to five members, two short of a full complement.
Another Trump nominee, Carnegie Mellon professor Marvin Goodfriend, has seen his nomination stalled after a poor performance in a committee hearing.
