UNITED STATES.- President Donald Trump has selected Columbia University professor Richard Clarida to be vice chairman of the Federal Reser- ve 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.
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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.