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.

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.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.