Trump likely to pick Richard Clarida for Fed vice chair: report

President Donald Trump is expected to select PIMCO’s Richard Clarida as his nominee for vice chairman of the Federal Reserve, according to The Wall Street Journal.

Clarida, a Republican and Columbia University economist, is known as a pragmatist and has drawn comparisons to newly installed Fed Chairman Jerome Powell. Clarida is a managing director and global strategic advisor at PIMCO, the investment management firm.

Powell began a four-year term in February, replacing Janet Yellen at the helm of the central bank.

Multiple reports on Thursday indicated that Clarida was a front-runner to become the Fed’s vice chair.