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

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

Dallas Federal Reserve Bank President Robert Kaplan on Monday forecast falling unemployment, rising wages, and solid economic growth this year and next, but warned that without structural reforms, future growth will suffer.

President Trump today announced the nomination of economist and monetary policy specialist Richard Clarida to serve as Federal Reserve vice chairman.

The vice chair job, vacant since Stanley Fischer stepped down in October, is considered one of the most influential Fed positions alongside the chair and the head of the New York Fed.

The new members will replace the handful of members whose terms expire at the end of the year and will serve three-year terms beginning January 1, 2019.

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).

In addition to naming Clarida to the post, Trump will also name Kansas Bank Commissioner Michelle Bowman to a spot on the Fed board.

The moves continue Trump's reshaping of the Federal Reserve, which has seen a high level of turnover over the past two years.

Clarida's nominee is key in that he will be the chief deputy for new Fed Chairman Jerome Powell. The CFTC is the main United States regulator for futures and options trading.

Both Clarida and Bowman must be confirmed by the Senate before taking their respective roles. Berkovitz is a lawyer with the firm WilmerHale and has worked as General Counsel for the CFTC as well.

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