Se­nate Con­firms Clarida to Fed: Two Oth­ers in Limbo

The Bond Buyer - - Market News - — Neil Hag­gerty, Amer­i­can Banker

WASH­ING­TON — The Se­nate voted Tues­day to con­firm Richard Clarida to serve a four-year term as vice chair­man of the Fed­eral Re­serve Board of Gover­nors and a 14-year term as a mem­ber of the Fed board.

The Se­nate voted 69-26 to con­firm Clarida as vice chair­man, with one Repub­li­can, Sen. Rand Paul, R-Ky., op­pos­ing the nom­i­na­tion. Clarida’s nom­i­na­tion to serve as a Fed gover­nor was con­firmed through a voice vote.

His nom­i­na­tion drew crit­i­cism from Sen. Sher­rod Brown, D-Ohio, rank­ing mem­ber on the Se­nate Bank­ing Com­mit­tee, who said Clarida did not suf­fi­ciently an­swer com­mit­tee mem­bers’ ques­tions dur­ing his con­fir­ma­tion hear­ing and af­ter­wards in re­sponses for the record.

Clarida tes­ti­fied be­fore the bank­ing panel in May along­side Michelle Bow­man, but Bow­man’s nom­i­na­tion has not yet been con­sid­ered by the full Se­nate.

A third nom­i­nee, Marvin Good­friend, who tes­ti­fied be­fore the com­mit­tee in Jan­uary, also hasn’t been con­sid­ered by the full Se­nate. The Democrats on the com­mit­tee unan­i­mously op­posed his nom­i­na­tion and Paul in­di­cated that he would also vote “no.”

Clarida will fill the seat va­cated in Oc­to­ber when Stan­ley Fis­cher re­tired.

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