Trump continues reshaping the Fed and picks a new 2nd-in-command

Clarida will serve as the vice chairman of the Fed for a four-year term, according to a statement released by the White House on Monday, Xinhua news agency reported.

On 16 April 2018, President Trump nominated Dr. Clarida to become the next vice chairman of the U.S. Federal Reserve.

Bowman, the first woman to serve as the top banking regulator in Kansas, would fill a spot on the Fed board that is reserved for a community banker or a regulator of community banks. Clarida is also nominated as one of the seven members of the Fed's board of governors.

Clarida is a Columbia University professor and the managing director and global strategic adviser at PIMCO, an investment management firm. He was a staff economist on the Council of Economic Advisers under President Ronald Reagan from 1986-87, an adviser at the New York Fed from 1991-92 and 1995-97, and an assistant secretary for economic policy at the Treasury from 2002-03.

The council helps the Fed gather feedback and perspectives on a wide range of policy issues and responsibilities including banking supervision and regulatory compliance, systemic risk oversight and monetary policy decision-making and implementation of the Community Reinvestment Act (CRA).

Trump a year ago tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman.

Goodfriend's nomination won narrow approval on a 13-12 vote in the Senate Banking Committee in February.

In a third selection Monday, Trump picked securities lawyer Dan Michael Berkovitz to fill a seat at the Commodity Futures Trading Commission, which regulates derivatives markets.

Trump's pick for the chairman of the CFTC, Chris Giancarlo, was confirmed in August, along with two other commissioners. The position is reserved by Congress for a community banker or a regulator of community banks.