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U.S. President Donald Trump announced his intention to nominate Richard Clarida, a respected monetary economist and Pacific Investment Management Co. global strategic adviser, as vice chairman of the Federal Reserve.
In a White House statement released Monday, Trump also announced plans to nominate Kansas State Bank Commissioner Michelle Bowman as Fed governor representing the interests of community banks. Both selections are subject to confirmation by the U.S. Senate. The seven-seat Fed Board currently has four vacancies.