cloudy
Wednesday July 18th, 2018 9:58PM

Trump puts forward 2 more nominees for Fed board

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — President Donald Trump has selected Columbia University professor Richard Clarida to be vice chairman of the Federal Reserve and Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed's seven-member board.

The White House announced Trump's intent to nominate the two on Monday. The action represents the latest steps in Trump's efforts to remake the seven-member Fed board, which currently has four vacancies. Both nominations need Senate approval.

While Trump was highly critical of the Fed during the 2016 presidential campaign, his selections for Fed jobs so far have come from mainstream economists rather than the ranks of conservative economists who have been highly critical of the central bank's actions in the wake of the 2008 financial crisis.

Clarida would become the Fed's No. 2 official, filling a vacancy created when Stanley Fischer stepped down last October. In addition to teaching at Columbia, he has served as a global strategic adviser for bond giant PIMCO since 2006.

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.

Trump last year tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman. He also selected Utah investment banker Randal Quarles to be Fed vice chairman for bank supervision and tapped Marvin Goodfriend, an economist at Carnegie Mellon University, for a vacant board seat.

Goodfriend's nomination won narrow approval on a 13-12 vote in the Senate Banking Committee in February. He could face difficulty in the full Senate amid strong opposition from Democrats who have expressed unhappiness with Goodfriend's past support for moves that would limit the Fed's independence.

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 nearly four decades.

In addition, the No. 2 spot on the Fed's interest rate panel has come open with the impending departure of William Dudley, president of the Fed's New York regional bank. Dudley's position will be filled by John Williams, another PhD economist who is currently head of the San Francisco regional Fed bank.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Online Congress News, AP Business, AP Business - Economy, AP Business - Industries, AP Business - Financial Services
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
APNewsBreak: California rejects border duties for troops
Two U.S. officials say California has rejected the federal government's initial plans to send the state's National Guard troops to the border because the work is considered too closely tied to immigration enforcement
2:56PM ( 4 minutes ago )
8-year-old boy at school slashes other students with knife
Authorities say an 8-year-old student took a kitchen knife to a central Minnesota elementary school and attacked three children
2:54PM ( 5 minutes ago )
The Latest: Hearing on FBI raid begins
A prosecutor says Donald Trump's personal attorney isn't being forthcoming about his law practice.
2:52PM ( 7 minutes ago )
Associated Press (AP)
Trump says tax law, US economy helping Hispanics
President Donald Trump says the Republican tax law and his push to slash regulations are driving one of the 'greatest booms' to the U.S. economy and helping Hispanic workers
2:07PM ( 52 minutes ago )
The Latest: EU defends Iran nuclear deal; no new sanctions
The European Union has strongly defended the landmark 2015 nuclear deal with Iran and declined to impose new sanctions despite Tehran's actions in Syria
1:53PM ( 1 hour ago )
Starbucks to train workers on 'unconscious bias,' CEO says
Starbucks CEO Kevin Johnson said Monday that the company is reviewing the arrest of two black men in a Philadelphia store last week and wants to add additional training for store management, including around 'unconscious bias.'
1:50PM ( 1 hour ago )
AP Business
8-year-old boy at school slashes other students with knife
Authorities say an 8-year-old student took a kitchen knife to a central Minnesota elementary school and attacked three children
2:54PM ( 5 minutes ago )
The Latest: Hearing on FBI raid begins
A prosecutor says Donald Trump's personal attorney isn't being forthcoming about his law practice.
2:52PM ( 7 minutes ago )
Bill Cosby's accuser denies framing him, knowing key witness
Bill Cosby's chief accuser at his suburban Philadelphia sexual-assault retrial has denied knowing or ever speaking with a woman who's expected to be a key witness for the defense
2:52PM ( 8 minutes ago )
GAO says EPA violated spending law on Pruitt's privacy booth
An internal government watchdog says the Environmental Protection Agency violated federal spending rules when purchasing a $43,000 soundproof privacy booth for Administrator Scott Pruitt's office
2:47PM ( 12 minutes ago )
Trial begins for Oklahoma accused of killing family members
Jury selection began Monday for the younger of two brothers accused of fatally stabbing their parents and three siblings inside their Oklahoma home
2:43PM ( 17 minutes ago )