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April 17, 2018

Trump to fill two Fed Board vacancies

President Donald Trump on Monday announced that he will nominate two people to the Federal Reserve Board – Columbia University economist Richard Clarida and Kansas State Bank Commissioner Michelle Bowman. Clarida will be nominated as vice chairman of the board, and Bowman will fill the board's seat designated for a community banker or regulator of community banks.

A Wall Street Journal article says that Clarida "is described by colleagues as more of a pragmatist than an ideologue," and also notes that he supported previous Fed Chair Janet Yellen's efforts to gradually raise interest rates and shrink the Fed's portfolio of bonds and other assets.

The article highlights Bowman's experience as vice president of her family's 135-year-old bank in Kansas and in positions at the Department of Homeland Security and the Federal Emergency Management Agency.

The Fed currently has three confirmed members of its seven-seat board; Trump also nominated Marvin Goodfriend to serve on the board in November. Nominees must be confirmed by the Senate.

Credit unions often use Federal Reserve services to meet their members' needs. NAFCU releases an annual Report on Credit Unions, which details these services.

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