Banking committee gives thumbs up to Fed nominees for vice chairman, member

Richard Clarida and Michele ‘Miki’ Bowman are sworn in before testifying at their Senate Banking Committee hearing in May

Nominations of Richard Clarida and Michele “Miki” Bowman for seats on the Federal Reserve Board of Governors were recommended for confirmation by the Senate Banking Committee Tuesday on partisan lines.

The committee voted in executive session to recommend that the Senate confirm the two. Clarida was approved on a vote of 20-5; Bowman with an 18-7 vote.

Clarida has been nominated to be vice chairman of the Federal Reserve Board; Bowman to be a member. If confirmed, Clarida would serve a four-year term as the Fed’s vice chairman and as a Fed Board governor representing Region 1 (Boston, Mass.). Bowman has been nominated as the Fed Board’s community bank representative for Region 8 (St. Louis, Mo.). Both testified before the Banking Committee May 15.

In that hearing, the two told lawmakers that if they are confirmed to seats on the board, they would support the Fed’s dual mandate of maximum employment and stable prices as well as efforts to ensure the Fed’s regulations are appropriate for institutions subject to them. They also pledged to uphold the Fed’s independence.

The nominations now proceed to the full Senate for confirmation consideration.

Meanwhile, the nomination of Marvin Goodfriend to be a member of the Federal Reserve Board appears to be either stalled or not likely to advance further. Although the Banking Committee in February recommended his confirmation to the full Senate (on a 13-12 vote), the Senate reportedly is not likely to act on his confirmation any time soon, if at all.

Bio: Richard Clarida

Bio: Michele “Miki” Bowman