clear
Tuesday June 19th, 2018 9:45PM

Senate panel approves nominations for 2 Fed board seats

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — The Senate Banking Committee on Tuesday approved President Donald Trump's nomination of Columbia University professor Richard Clarida to be the vice chairman of the Federal Reserve. The panel also approved the nomination of Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed's seven-member board.

If the nominations win approval as expected from the full Senate, they will fill two of the current four vacancies on the Fed board. Trump has the opportunity to remake the Fed board in his first two years in office by filling six of seven positions.

Clarida, an expert on monetary policy, would succeed Stanley Fischer in the Fed's No. 2 job. Bowman, the first woman to be the top banking regulator in Kansas, would take the board seat reserved for a community banker.

The committee approved Clarida's nomination on a 20-5 vote while Bowman was approved by a vote of 18-7. All the no votes were cast by Democrats.

Sen. Sherrod Brown, D-Ohio and the top Democrat on the panel, voted against both nominations. He said he was unhappy with the responses both had made to written questions about their views on the need to enforce tougher bank regulations put in place after the 2008 financial crisis.

"This administration is clearly targeting the (regulatory) framework put in place after the 2008 crisis," Brown said.

But Rob Nichols, president of the American Bankers Association, praised the committee's approval of both nominees in a statement and urged quick Senate consideration so that the central bank "can benefit from a full range of voices and perspectives."

Last year, Trump tapped Fed board member Jerome Powell, at one time the only Republican on the board, to succeed Janet Yellen as Fed chairman. He also selected Utah banker Randal Quarles for the position of vice chairman for bank supervision.

Trump has also nominated Marvin Goodfriend, an economics professor at Carnegie Mellon University, for an empty board set, but that nomination is facing strong opposition from Democrats concerned about Goodfriend's past support for efforts to limit the Fed's independence.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Online Congress News, AP Business, 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.
Direct costs of Daimler diesel recall in Europe limited
Automaker Daimler's recall and software fixes for 774,000 Mercedes-Benz cars and vans in Europe will likely cost close to or more than 100 million euros ($118 million.)
10:56AM ( 7 minutes ago )
14 boys, no regrets: Michigan family happy the way they are
A Michigan couple has 14 boys and no regrets, regardless of what online opinion-givers have to say
10:52AM ( 11 minutes ago )
Nevada tea party favorite Angle makes longshot primary bid
Tea party favorite Sharron Angle is trying Tuesday to unseat the incumbent Republican in the GOP's strongest congressional district in Nevada, where two other Democrat-held open seats will be up for grabs in November
10:49AM ( 14 minutes ago )
Associated Press (AP)
UK justice minister resigns over Brexit ahead of key votes
A junior member of Prime Minister Theresa May's government has resigned over Brexit, emboldening pro-EU lawmakers ahead of key votes in Parliament on Britain's departure from the European Union
9:53AM ( 1 hour ago )
The Latest: Moon offers aid to find remains of US soldiers
South Korean President Moon Jae-in (jah-YIHN') says his country could help North Korean and U.S. efforts to find the remains of U.S. military personnel missing in action and presumed dead from the 1950-53 Korean War
9:21AM ( 1 hour ago )
Trump-Kim shake hands, commit to 'complete denuclearization'
Trump, Kim commit to 'complete denuclearization' amid questions about whether Trump gave away too much
9:09AM ( 1 hour ago )
AP Online Headlines - Washington
GOP leaders in Congress largely silent on Trump's G-7 tirade
Republican leaders in Congress haven't said much about President Donald Trump's outbursts over the Group of Seven economic summit
12:32AM ( 10 hours ago )
Judge spars with Justice Dept. lawyer on foreign favors suit
The Justice Department says President Donald Trump's hotel company did not break the law by doing business with other countries
10:41PM ( 12 hours ago )
Republicans reluctant to criticize Trump's actions abroad
Republicans in Congress are often hesitant to publicly criticize President Donald Trump, even when they strongly disagree
9:29PM ( 13 hours ago )
AP Online Congress News
Report describes Dubai real estate as money-laundering haven
A new report is describing Dubai's real-estate market as a haven for money launderers, terror financiers and drug traffickers sanctioned by the U.S. in recent years
10:12AM ( 52 minutes ago )
US, global stock markets mixed after Trump-Kim summit
U.S. and global stock markets were mostly higher Tuesday as investors worked through the outcome of the meeting between President Donald Trump and North Korean leader Kim Jong Un.
10:03AM ( 1 hour ago )
Designer Louboutin wins case on red soled high-heels
The European Union's top court has defended French fashion designer Christian Louboutin's claim to trademark red soled high-heel shoes.
9:08AM ( 1 hour ago )
AP Business
World stock markets mixed after Trump-Kim summit
Global stock markets are mixed as investors digest the summit between U.S. President Donald Trump and North Korean leader Kim Jong Un
6:57AM ( 4 hours ago )
Asian shares higher, Europe mixed after Trump-Kim summit
Asian shares are mostly higher but Europe is opening mixed as market players tried to digest the summit between President Donald Trump and North Korean leader Kim Jong Un in Singapore
4:38AM ( 6 hours ago )
Asian shares mostly higher with all eyes on Trump-Kim summit
Asian shares are mostly higher as market players try to digest the summit between President Donald Trump and North Korean leader Kim Jong Un in Singapore
3:22AM ( 7 hours ago )
AP Business - Industries
Global markets higher ahead of Trump-Kim meeting
Global markets are mostly higher as Donald Trump prepares to meet North Korean leader Kim Jong Un.
7:42AM ( 1 day ago )
3 Gulf Arab states pledge $2.5B to Jordan after protests
3 Gulf Arab states have pledged $2.5 billion to Jordan as economic protests over austerity measures have roiled the kingdom
1:40AM ( 1 day ago )
Asian markets higher ahead of Trump-Kim meeting
Asian markets are mostly higher as Donald Trump prepared to meet North Korean leader Kim Jong Un following the American president's outburst at Canada's prime minister over trade
1:29AM ( 1 day ago )
AP Business - Financial Services
Direct costs of Daimler diesel recall in Europe limited
Automaker Daimler's recall and software fixes for 774,000 Mercedes-Benz cars and vans in Europe will likely cost close to or more than 100 million euros ($118 million.)
10:56AM ( 8 minutes ago )
14 boys, no regrets: Michigan family happy the way they are
A Michigan couple has 14 boys and no regrets, regardless of what online opinion-givers have to say
10:52AM ( 12 minutes ago )
Nevada tea party favorite Angle makes longshot primary bid
Tea party favorite Sharron Angle is trying Tuesday to unseat the incumbent Republican in the GOP's strongest congressional district in Nevada, where two other Democrat-held open seats will be up for grabs in November
10:49AM ( 15 minutes ago )
New suspect detained in fatal stabbing of girl in Germany
A new suspect in the fatal stabbing of a 15-year-old Romanian girl in western Germany turned himself in to police, authorities said Tuesday
10:44AM ( 20 minutes ago )
The Latest: France says ship situation is unsustainable
French Foreign Minister Jean-Yves Le Drian is calling on Italy to reconsider its position and take in 629 migrants on a private rescue ship that has been seeking a place to dock since Saturday
10:43AM ( 21 minutes ago )