Trump Set to Nominate Richard Clarida, Michelle Bowman to Fed Board

Tuesday, 17 Apr, 2018

The nominees are Richard Clarida, a Columbia University economist and global strategic advisor at bond giant Pimco who was tapped for vice chair, and Michelle Bowman, Kansas bank commissioner, who the president picked for an open governor's spot. The position has been vacant since Stanley Fischer left in October.

Clarida is now an economics professor at Columbia University and is a managing director at investment giant PIMCO.

Both Clarida and Bowman must be confirmed by the Senate before taking their respective roles. Clarida is now a global strategic advisor at Pimco, an American investment firm, and previously served as assistant Treasury secretary for economic policy under the George W. Bush administration. "As long as inflation is relatively low, we're going to be gradual".

But also warned in December that investors may be "a little too relaxed" about the threat of higher inflation. Both Bowman and Clarida have been considered for the positions over the past month. Bowman's seat is reserved for a community banker or community bank regulator.

The Federal Reserve Board is seeking applications for new members of its Community Advisory Council (CAC) and is interested in candidates from several fields, including financial services and technology, asset and wealth building and housing and mortgage finance. She is also familiar with Washington after stints on the staff of former Republican U.S. Senator Bob Dole of Kansas and as a deputy to former Homeland Security Secretary Tom Ridge. "That is a perspective that most of the time has been missing" at the Fed.