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

Trump to nominate Pimco's Richard Clarida as Federal Reserve vice chair

The Federal Reserve is pursuing a series of interest rate hikes and a reduction in its bond holdings

Bowman would fill a spot on the seven-member Fed board reserved for a community banker or regulator of community banks. In a statement released by the White House on Monday, the President is nominating Richard Clarida as Vice Chair and Michelle Bowman for an open Governor's position.

The United States Federal Reserve Board building is shown in Washington October 28, 2014.

If he is confirmed by the Senate, Clarida will replace Stanley Fischer, who announced his retirement in September after serving as vice chairman for about 3 1/2 years. Clarida will be the first Trump appointee to the board who possesses a doctorate in economics, a typical qualification for high-level positions within the Federal Reserve system.

Before the local bank regulator job, Bowman served as the vice president of the Farmers and Drovers Bank in Kansas, a local bank owned by her family.

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Since joining PIMCO in 2006, Dr. Clarida has assessed and analyzed global monetary and fiscal policy trends to inform the firm's investment process, and he has also worked extensively with and served as a trusted adviser to the firm's many central bank and sovereign wealth fund clients.

The Deutsche Bank economists Peter Hooper and Matthew Luzzetti praised the decision to nominate Clarida, describing him as a positive for the Fed's handling of the economy.

Trump also said he would nominate Dan Michael Berkovitz as a commissioner for the Commodity Futures Trading Commission, the U.S. regulator for futures and options trading. Prior to his appointment to Columbia's faculty, Clarida both served in the Reagan administration and taught at Yale.

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