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Trump announces nominees to fill vacant seats at Fed board

IANS  |  Washington 

US has said he plans to nominate and regulator to fill two vacant seats at the board of the Federal Reserve.

Clarida will serve as the of the Fed for a four-year term, according to a statement released by the on Monday, reported.

Clarida is also nominated as of the Fed's board of governors.

Bowman is nominated to become a Fed who should have experience as required by the

Both nominations will be subject to approval of the

The job, which was vacant since stepped down in October last year, was considered as one of the most influential positions in the central alongside the and the of the

Clarida is now an at the Columbia University, as well as at Pacific Investment Management Co.

As a Ph.d economist, he also had deep experience in and served as for economic policy at the from 2002 to 2003, who provided economic advices to the Treasury

With extensive experiences in academic research on monetary policy and macroeconomics, Clarida is widely expected to provide critical support for the Fed who has no education background on economics on monetary decisions and solutions to possible future recession.

In his previous speeches and interviews, Clarida was largely supportive of policy decisions by former Fed chair Janet Yellen, whose gradual approach to tighten monetary policy was also inherited by current Fed chair Powell.

Bowman is now the State Commissioner, regulator for and

Before the local regulator job, Bowman served as the vice of and in Kansas, a owned by her family.

Clarida and Bowman were the fourth and fifth nominees announced by Trump to fill the Fed board's vacant seats, following chair Powell, for supervision Randal Quarles, and whose nomination to be a Fed still awaits Congressional approval.

--IANS

pgh/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 08:00 IST
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