Senate panel sets Clarida, Bowman nomination hearing

The Senate Banking, Housing, and Urban Affairs Committee will hold a hearing on May 15 on the nominations on Richard Clarida and Michelle Bowman to the Federal Reserve Board.

Richard Clarida, global strategic advisor and managing director of Pacific Investment Management Co LLC (Pimco), speaks during a Bloomberg Television interview in New York, U.S., on Thursday, Oct. 29, 2015. Clarida disscussed the economic impact of China ending its one-child policy and how demographics affect the nation's growth. Photographer: Chris Goodney/Bloomberg *** Local Caption *** Richard Clarida

Clarida, Pacific Investment Management Co. global strategic adviser, was tapped by President Trump as vice chairman of the Federal Reserve, while Bowman, the Kansas State Bank Commissioner, was selected as Fed governor representing the interests of community banks.

Clarida’s strong real world experience complements Chair Jay Powell’s talents and soon-to-be Federal Reserve Bank of New York President John Williams’ strengths.

Little is known about Bowman, who is expected to be a business-friendly voice on the seven-member Board.

The panel earlier this year narrowly approved the nomination of Marvin Goodfriend, but the full Senate has yet to vote on his controversial appointment.

Gary Siegel

Managing Editor, The Bond Buyer

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