Trump Taps PIMCO Exec As Fed Vice Chair To Replace Fischer

Trump Taps PIMCO Exec As Fed Vice Chair To Replace Fischer

Bowman, the first woman to serve as the top banking regulator in Kansas, would fill a spot on the Fed board that is reserved for a community banker or a regulator of community banks.

The White House announced Trump's intent to nominate the two on Monday.

The selections are the latest way Trump is seeking to transform the nation's central bank.

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.

FBN's Jennifer Schonberger on the Federal Reserve's outlook for the economy.

Clarida is now an economic professor at the Columbia University, as well as managing director and global strategic adviser at Pacific Investment Management Co.


Fed Chair Jerome Powell, who was originally named to the board by former President Barack Obama, sailed through the Senate confirmation process and replaced Janet Yellen in February. As vice chairman, Clarida would serve as the No. 2 Fed official. Previously, Clarida worked in President Ronald Reagan's administration, serving as a senior staff economist on the Council of Economic Advisers.

Bowman is nominated to become a Fed governor who should have community banking experience as required by the Congress.

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.

Dan Michael Berkovitz will be commissioner of the Commodity Futures Trading Commission, for the remainder of a five year term expiring April 13, 2023.

Trump's pick for the chairman of the CFTC, Chris Giancarlo, was confirmed in August, along with two other commissioners. Both Bowman and Clarida have been considered for the positions over the past month.

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