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Trump Fed appointments: Pimco executive, Kansas bank commissioner

Trump Fed appointments: Pimco executive, Kansas bank commissioner

President Donald Trump has nominated prominent Columbia economics professor Richard Clarida to serve as vice chairman of the Federal Reserve Board, a central position on the Board of Governors of the Federal Reserve.

Clarida will serve as the vice chairman of the Fed for a four-year term, according to a statement released by the White House on Monday, Xinhua news agency reported. The action represents the latest steps in Trump's efforts to remake the seven-member Fed board, which now has four vacancies. Congress designated the community banker seat in 2014.

Clarida has taught at Columbia since 1988, except for a break in 2002 to serve as assistant secretary for economic policy at the United States Treasury in the Bush administration. Bowman now serves as the Kansas State Bank Commissioner, a position to which she was the first woman appointed and confirmed by the Kansas State senate. He has 20 years of investment experience and holds a Ph.D.in economics from Harvard University. He could face difficulty in the full Senate amid strong opposition from Democrats who have expressed unhappiness with Goodfriend's past support for moves that would limit the Fed's independence.

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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.

In addition, the No. 2 spot on the Fed's interest rate panel has come open with the impending departure of William Dudley, president of the Fed's NY regional bank.