Senate Panel Approves Nominations for Two Fed Board Seats - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Senate Panel Approves Nominations for Two Fed Board Seats

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Courtesy: MGN, Federal Reserve Courtesy: MGN, Federal Reserve

The Senate Banking Committee has approved President Donald 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 seven-member 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.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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