Published: Tue, April 17, 2018
Business | By Tara Barton

Trump continues reshaping the Fed and picks a new second-in-command

Trump continues reshaping the Fed and picks a new second-in-command

WASHINGTON-President Donald Trump is set to announce Monday two nominees to the Federal Reserve Board, including Columbia University economist Richard Clarida as vice chairman, according to White House officials.

Dallas Federal Reserve Bank President Robert Kaplan on Monday forecast falling unemployment, rising wages, and solid economic growth this year and next, but warned that without structural reforms, future growth will suffer.

Trump also nominated Michelle Bowman, Kansas' top banking regulator, to the Fed's Board of Governors.

Clarida is now an economics professor at Columbia University and is a managing director at investment giant PIMCO. The position has been vacant since Stanley Fischer left in October. Clarida is now a global strategic advisor at Pimco, an American investment firm, and previously served as assistant Treasury secretary for economic policy under the George W. Bush administration.

Two men in custody following armed robbery
Columbia police arrested Devon Busch and Trevion Travis after an attempted armed robbery in the 1400 block of Bass Avenue. Police said shortly after, officers were notified of someone admitted to University Hospital with a gunshot wound.

Bowman's family owns the Farmers and Drovers Bank of Council Grove, Kansas, where she served a vice president from 2010 until her appointment as state bank commissioner.

The moves continue Trump's reshaping of the Federal Reserve, which has seen a high level of turnover over the past two years.

Policies that increase immigration, allow the take advantage of globalization and trade, reduce government debt growth and boost educational attainment are among changes the US needs, Kaplan said in an essay he published ahead of a speech in Miami.

Both Clarida and Bowman must be confirmed by the Senate before taking their respective roles. Berkovitz was general counsel for the CFTC from 2009 to 2013.

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