President Donald Trump will select the economist Richard Clarida to be the Federal Reserve vice chairman taking over for Stanley Fischer, who's retiring.
President Donald Trump will nominate the economist and professor Richard Clarida to be the Federal Reserve vice chairman, the White House announced on Monday.
If he is confirmed by the Senate, Clarida will replace Stanley Fischer, who announced his retirement in September after serving as vice chairman for about 3 1/2 years.
Clarida is an economics professor at Columbia University and a managing director at the investment giant Pimco. 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.
Trump will also name Michelle Bowman, the Kansas bank commissioner, to a spot on the Fed's Board of Governors reserved for a community banker or community bank regulator.
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. In addition to Fischer's retirement, Jerome Powell, a Trump nominee, took over for Janet Yellen as the Fed chair, Randal Quarles was tapped to serve as the vice chair for supervision.
There are still two more open board seats, and another of Trump's picks, Marvin Goodfriend, is still awaiting Senate confirmation despite a narrow approval by the Senate Banking Committee in February.
The Deutsche Bank economists Peter Hooper and Matthew Luzzetti praised the decision to nominate Clarida, describing him as a positive for the Fed's handling of the economy.
"Clarida should help to ensure continuity of the sure-handed leadership that markets have grown accustomed to in recent years, something that could prove valuable if the economy enters a downturn," the economists wrote.
Trump also said he would nominate Dan Michael Berkovitz as a commissioner for the Commodity Futures Trading Commission, the US regulator for futures and options trading. Berkovitz was the general counsel for the commission from 2009-13.
Trump's pick for the chairman of the CFTC, Chris Giancarlo, was confirmed in August, along with two other commissioners.
Clarida, Bowman, and Berkovitz will face confirmation in the Senate.