Clarida sworn in as Fed vice chairman; to serve four-year term

Richard Clarida is now officially the vice chairman of the Federal Reserve Board, having been sworn in to office by Chairman Jerome H. (“Jay”) Powell on Monday, the Federal Reserve said.

Federal Reserve Board Vice Chairman Richard Clarida takes oath from Chairman Jerome H. Powell Sept. 17.

In a release Monday, the Fed said Powell administered the oath to Clarida in the Fed’s board room at the central bank’s headquarters in Washington, D.C.

The Senate confirmed Clarida Aug. 28 to the posts of board member (filling an unexpired term ending Jan. 31, 2022) and Fed vice chairman (for a four-year term).

Clarida, 61, was nominated to the board member and vice chairman’s posts by President Donald Trump in April. Most recently the Lowell Harriss Professor of Economics at Columbia University, where has taught since 1988, Clarida previously taught at Yale University and served as senior staff economist with President Ronald Reagan’s Council of Economic Advisers. He has also served as Treasury’s assistant secretary for economic policy and, since 2006, has been serving as global strategic advisor for investment firm PIMCO.

The new Fed vice chairman was recommended for confirmation by the Senate Banking Committee June 12, on a vote of 20-5. The vote came in the wake of a May 15 hearing before the committee, where Clarida told the panel that he 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. He also pledged to uphold the Fed’s independence.

The nominations of two candidates for their seats remain pending in the Senate. (Three seats on the board remain open. CORRECTED: An earlier version of this item indicated only two seats were open on the board.)

The nominations of Michelle (“Miki”) Bowman, and Marvin Goodfriend have not yet been scheduled for consideration by the Senate. Bowman was recommended for confirmation by the Senate Banking Committee in June on a vote of 18-7. Goodfriend was recommended for confirmation by the panel Feb. 8, on a partisan vote of 13-12.

Richard H. Clarida sworn in as Vice Chairman and member of the Board of Governors