Lawmakers edge closer to filling two Fed vacancies

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The Senate Banking Committee will consider the nominations of two nominees to the Federal Reserve next week.

Lawmakers will hear from Columbia University Economist Richard Clarida to be the Federal Reserve's vice chairman and Kansas Banking Commissioner Michelle "Miki" Bowman to join the Fed's board at a meeting on May 15, the panel said Tuesday.

Clarida, a managing director at Pacific Investment Management Co., would fill the Fed's No. 2 position that has been vacant since Stanley Fischer retired in October.

Bowman, a fifth-generation banker who held a senior role at Farmers and Drovers Bank in Council Grove, Kan., before becoming the state's bank commissioner in 2017, would fill the Fed spot designated for community bank expertise.

If confirmed, Clarida and Bowman would join Fed Chairman Jerome Powell, who was confirmed in February, Randal Quarles, who last fall became the Fed's vice chairman for bank supervision, and Fed Gov. Lael Brainard, an Obama appointee who joined the board in 2014.

Another Trump nominee, Marvin Goodfriend, a professor at Carnegie Mellon University and a former monetary policy adviser to the Federal Reserve Bank of Richmond, is still pending. Goodfriend has struggled to get the support of any Senate Democrats, and Sen. Rand Paul, R-Ky., has said he would vote against the conservative economist.

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