The White House announced on Monday that President Donald Trump will nominate Pimco’s Richard Clarida to serve as vice chairman of the Federal Reserve.
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Trump also intends to nominate Michelle Bowman, the Kansas bank commissioner, for a position on the central bank’s board. The position is reserved by Congress for a community banker or a regulator of community banks.
Clarida, a Republican economist, has drawn comparisons to newly installed Fed Chairman Jerome Powell for a pragmatic approach to monetary policy. As vice chairman, Clarida would serve as the No. 2 Fed official.
Clarida is a Columbia University professor and the managing director and global strategic adviser at PIMCO, an investment management firm. He is also a member of the Council on Foreign Relations and the National Bureau of Economic Research. Previously, Clarida worked in President Ronald Reagan’s administration, serving as a senior staff economist on the Council of Economic Advisers.
“Rich is an incredibly talented economist who has provided critical insights for our clients, investors and others throughout his many years at Pimco, and this nomination reflects the high regard in which Rich’s contributions to economics, policy, and investment management are held,” Pimco CEO Emmanuel Roman and Chief Investment Officer Dan Ivascyn said in a statement.