Senate Confirms Clarida to Fed: Two Others in Limbo
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.