Banking committee sets May 15 for hearing on two new Fed Board members

A hearing on the nominations for two members for the Federal Reserve’s board of governors will be held May 15 by the Senate Banking Committee, the panel said in a statement Tuesday.

The committee will consider Richard Clarida and Michelle Bowman to complete unexpired terms on the Federal Reserve Board that continue through Jan. 31, 2022, and Jan. 31, 2020, respectively.

Clarida is nominated by President Donald Trump to a four-year term as the Fed’s vice chairman and as a governor representing Region 1 (Boston, Mass); he would succeed Stanley Fischer as vice chairman (he resigned from the board last October) and complete the unexpired board term of Daniel Tarullo (who left the Fed last April).

Bowman is nominated as the Fed Board’s community bank representative for Region 8 (St. Louis, Mo.); she would complete Fischer’s unexpired board term. Bowman is currently serving as Kansas State Bank Commissioner, reportedly the first woman appointed to that post (and to the state Senate).

Once the committee sends its recommendations to the Senate, the nominations of Clarida and Bowman will join that of Carnegie Mellon University economist Marvin Goodfriend, nominated last November for another board seat. The committee narrowly recommended his confirmation in early February on a party line vote of 13-12. Goodfriend may face additional resistance when his nomination reaches the Senate floor from Senate Democrats and Sen. Rand Paul, R-Ky.

Also pending in the Senate: the nomination of Jelena McWilliams to be chairman of the Federal Deposit Insurance Corp. (FDIC) Board. McWilliams was also recommended in February for approval by the Banking Committee. If confirmed, she would take the seat of former FDIC Vice Chairman Thomas Hoenig, who left the board April 30 (he had been serving as a holdover; his term ended in March). McWilliams would succeed Martin Gruenberg as chairman, who has been serving as a holdover in that role since his term ended in November. Gruenberg’s term as an FDIC Board member runs until November of this year.

Notice: Senate Banking Committee confirmation hearing, May 15

Bio: Richard Clarida

Bio: Michelle “Miki” Bowman

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