Senate confirms Clarida to Fed, two others remain in limbo

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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.

“He failed to provide the committee into meaningful insight into his views,” Brown said in a floor speech before the full Senate voted. He said the responses the committee got were “pretty much identical” to another Fed nominee, Michelle Bowman.

Brown added that he was “not confident” Clarida would protect taxpayers and homeowners from the next financial crisis.

Clarida testified before the banking panel in May alongside 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 is a professor at Columbia University and managing director of Pacific Investment Management Co. His nomination fills the seat vacated in October when Stanley Fischer retired.

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Sherrod Brown Federal Reserve Senate Banking Committee