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President Donald Trump has nominated Richard Clarida, a Columbia University economist who also is a managing director at Pimco, to be the vice chairman of the Federal Reserve, MarketWatch staffer Steve Goldstein reports.

Clarida served in the Treasury Department during President George W. Bush’s administration and is known for expertise on issues including monetary policy, exchange rates, and international capital flows, Goldstein explains.

Clarida would serve as deputy to Jay Powell, who took over as Fed chairman earlier this year.

The White House also said it’s going to nominate Kansas banking commissioner Michelle Bowman to the Fed. Congress has earmarked a spot on the Fed for a community banker or a regulator of community banks, which had remained vacant.

Both positions at the Fed require Senate confirmation.

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