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VOL. 133 | NO. 98 | Wednesday, May 16, 2018

Trump Pick for Vice Chair Pledges Support for Key Fed Goals

By MARTIN CRUTSINGER, AP Economics Writer

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WASHINGTON (AP) – Richard Clarida, President Donald Trump's nominee for the No. 2 post at the Federal Reserve, is pledging support for the Fed's twin goals of stabilizing inflation and maximizing employment while also declaring the importance of the central bank's independence.

Clarida, an economics professor at Columbia University who is among the nation's leading experts on monetary policy, is the latest of several Trump selections to the Fed's board. In filling those key slots, the president has been putting his personal stamp on the Fed.

Along with and Michelle Bowman, another Trump nominee to the seven-member board, Clarida is receiving generally favorable reviews during a confirmation hearing before the Senate Banking Committee. Both are expected to win approval, though some Democrats are questioning their commitment to tough oversight of the nation's banks.

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 This material may not be published, broadcast, rewritten or redistributed.

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