Senate banking panel OKs Federal Reserve nominee

WASHINGTON — The Senate Banking Committee yesterday approved President Trump’s nomination of Columbia University professor Richard Clarida to be the vice chairman of the Federal Reserve. The panel also approved the nomination of Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed’s sevenmember board.

If the nominations win approval as expected from the full Senate, they will fill two of the current four vacancies on the Fed board. Trump has the opportunity to remake the Fed board in his first two years in office by filling six of seven positions.

Clarida, an expert on monetary policy, would succeed Stanley Fischer in the Fed’s No. 2 job. Bowman, the first woman to be the top banking regulator in Kansas, would take the board seat reserved for a community banker.

The committee approved Clarida’s nomination on a 20-5 vote while Bowman was approved by a vote of 18-7. All the no votes were cast by Democrats.

Sen. Sherrod Brown (DOhio) and the top Democrat on the panel, voted against both nominations. He said he was unhappy with the responses both had made to written questions about their views on the need to enforce tougher bank regulations put in place after the 2008 financial crisis.