Trump announces nominees to fill vacant seats at Fed board

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Richard Clarida, longtime economics professor at Columbia University, has been tapped by President Donald Trump to be vice chairman of the Board of Governors of the Federal Reserve System.

Trump also intends to nominate Michelle Bowman, the Kansas bank commissioner, for a position on the central bank's board.

A contender to be named vice chair of the U.S. Federal Reserve, Richard Clarida, managing director at Pacific Investment Management Co., (PIMCO), appears in this handout photo provided March 1, 2018.

He replaces Stanley Fischer, who announced that he was resigning as vice-chairman for personal reasons effective October 13.

The moves are the latest ways Trump is seeking to reshape the Federal Reserve, which has seen a high level of turnover in the past two years. Previously, Clarida worked in President Ronald Reagan's administration, serving as a senior staff economist on the Council of Economic Advisers.

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With extensive experiences in academic research on monetary policy and macroeconomics, Clarida is widely expected to provide critical support for the Fed chair Jerome Powell who has no education background on economics on monetary decisions and solutions to possible future recession. As vice chairman, Clarida would serve as the No. 2 Fed official.

There are still two more open board seats, and another of Trump's picks, Marvin Goodfriend, is still awaiting Senate confirmation despite a narrow approval by the Senate Banking Committee in February.

In a third selection Monday, Trump picked securities lawyer Dan Michael Berkovitz to fill a seat at the Commodity Futures Trading Commission, which regulates derivatives markets. The position is reserved by Congress for a community banker or a regulator of community banks.

Berkovitz was CFTC general counsel from 2009 to 2013, immediately following the financial crisis, and now serves at the powerful global law firm WilmerHale.

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