WASHINGTON — The Senate Banking Committee has scheduled a vote Tuesday on two of President Trump’s nominees for the Federal Reserve Board.
The panel will vote on economist Richard Clarida to be vice chairman of the Fed board, as well as Kansas Banking Commissioner Michelle “Miki” Bowman, who was nominated for a seat designated for a community banking expert.
Clarida is a professor at Columbia University and managing director of Pacific Investment Management Co. If confirmed, he would fill the vice chairman's seat that has been vacant since October when Stanley Fischer retired.
Bowman was a fifth-generation banker and senior executive at Farmers and Drovers Bank in Council Grove, Kan., before becoming the state's bank commissioner in 2017. She was also a staffer for former Sen. Bob Dole.
Both Clarida and Bowman are largely expected to get confirmed to the seven-member Fed board.
There is a bigger question another Fed board nominee, Marvin Goodfriend, whose nomination has faced controversy. Goodfriend is a professor at Carnegie Mellon University and former monetary policy adviser to the Federal Reserve Bank of Richmond.
“The Marvin Goodfriend nomination to the Board remains in limbo, but the odds of his confirmation are slim-to-none at this point,” Isaac Boltansky of Compass Point Research & Trading wrote in an analyst note May 14. “The odds slightly favor both Clarida and Bowman ultimately winning confirmation.”
