techkenyot.com
techkenyot.com April 24, 2018


Columbia economist Richard Clarida tapped for vice chair of Federal Reserve

17 April 2018, 12:59 | Hattie Nash

Christopher Goodney Bloomberg News Richard Clarida is the global strategic adviser for Pacific Investment Management Co

Richard Clarida is the global strategic adviser for Pacific Investment Management Co

Clarida will serve as the vice chairman of the Fed for a four-year term, according to a statement released by the White House on Monday, Xinhua news agency reported.

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.

The council helps the Fed gather feedback and perspectives on a wide range of policy issues and responsibilities including banking supervision and regulatory compliance, systemic risk oversight and monetary policy decision-making and implementation of the Community Reinvestment Act (CRA).

Both nominations would be subject to Congressional approval.

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Dr. Clarida is a managing director in the NY office and PIMCO's global strategic advisor.

Clarida, Bowman, and Berkovitz will face confirmation in the Senate.

Clarida would become the Fed's No. 2 official, filling a vacancy created when Stanley Fischer stepped down last October. Prior to joining PIMCO, he gained extensive experience in Washington as assistant Treasury secretary, in academia as chairman of the economics department at Columbia University where he continues to teach, and in the financial markets at Credit Suisse and Grossman Asset Management.

Bowman would fill a spot on the seven-member Fed board reserved for a community banker or regulator of community banks.

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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.

The selection of Clarida, who received his doctorate in economics from Harvard, was viewed as a way to provide support for Powell, an attorney by training, who is the first non-economist to lead the Fed in almost four decades.

Bowman is now the Kansas State Bank Commissioner, the chief regulator for local banks and non-depository lenders.

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