The Fed: Noted economist Clarida tapped by Trump for Fed vice chairmanship

Richard Clarida, managing director of Pacific Investment Management Co., or Pimco.

Richard Clarida, a noted economist who also works for a bond-fund giant, has been tapped by President Trump to be the vice chairman of the Federal Reserve.

Clarida, a Columbia University economist who also is a managing director at Pimco, puts in place an economist as a deputy to Jay Powell, the Fed chairman who’s the first noneconomist in nearly 40 years to helm the central bank.

Clarida, who served in the Treasury Department during President George W. Bush’s administration, is known for expertise on issues including monetary policy, exchange rates and international capital flows.

The White House also said it’s going to nominate Kansas banking commissioner Michelle Bowman to the Fed. Congress has earmarked a spot on the Fed for a community banker or a regulator of community banks, which had remained vacant.

Bowman was previously an executive at Farmers & Drovers Bank in Council Grove, Kan., and served on the staff of Sen. Bob Dole, the long-serving Kansas Republican who retired in 1996.

Both positions at the Fed require Senate confirmation.

U.S. stocks SPX, +0.84% DJIA, +0.91% were enjoying a strong performance ahead of the White House announcement.

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