Trump taps former Treasury official for Fed post

Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York

Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York Thomson Reuters

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 tapped Richard Clarida for a four-year term as Fed vice chairman, filling a seat vacated in October by former Vice Chair Stanley Fischer.

President Donald Trump has nominated prominent Columbia economics professor Richard Clarida to serve as vice chairman of the Federal Reserve Board, a central position on the Board of Governors of the Federal Reserve.

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In addition to teaching at Columbia, he has served as a global strategic adviser for bond giant PIMCO since 2006. Previously, Clarida worked in President Ronald Reagan's administration, serving as a senior staff economist on the Council of Economic Advisers.

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.

Clarida, a Republican economist, has drawn comparisons to newly installed Fed Chairman Jerome Powell for a pragmatic approach to monetary policy.

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The Deutsche Bank economists Peter Hooper and Matthew Luzzetti praised the decision to nominate Clarida, describing him as a positive for the Fed's handling of the economy.

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.

Pres. Trump is also nominating Dan Berkovitz as Commissioner of the Commodity Futures Trading Commission (CFTC). The U.S. Senate must confirm the appointment before it becomes official. Berkovitz was the general counsel for the commission from 2009-13.

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