President Donald Trump sharply criticized the Federal Reserve during his 2016 campaign, but his picks to run the central bank point toward policy continuity and stability rather than disruption.
His selections of mostly establishment Republicans who are viewed as pragmatists and not ideologues show how he has opted in favor of more incremental monetary and regulatory policy changes rather than any radical rethink during a period of steady economic growth.
Mr. Trump’s choice for Fed chairman, Jerome Powell, served in President George H.W. Bush’s Treasury Department. Mr. Powell was originally tapped for the Fed’s board by President Barack Obama and backed Ben Bernanke and Janet Yellen during their tenures as Fed chiefs.
The White House said Monday that Mr. Trump would nominate Columbia University economist Richard Clarida to become Fed vice chairman.
Mr. Clarida, who worked at the Treasury under President George W. Bush, has quibbled with some Fed communications in recent years but generally has backed the Fed’s policies of slowly raising interest rates from historic lows after an aggressive postcrisis campaign to stimulate growth.
Reshaping the Central Bank
President Donald Trump has an unusual opportunity to put his stamp on the Federal Reserve early in his term.
Trump Pick
Obama Pick
Jerome Powell*
Chair
Richard Clarida
Vice Chair
Not yet confirmed
Lael Brainard