President Donald Trump has selected Columbia University professor Richard Clarida to be vice chairman of the Federal Reserve and Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed’s seven-member board.
The two nominations are the latest steps in Trump’s efforts to remake the seven-member Fed board, which currently has four vacancies. Both nominations need Senate approval.
Clarida would become the Fed’s No. 2 official, filling a spot left vacant when Stanley Fischer stepped down last October.
Bowman would fill a spot on the Fed board that is reserved for a community banker or a regulator of community banks.
Trump last year tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman. He also selected Randal Quarles to be vice chairman for bank supervision.