The Senate Banking Committee approved the nominations of two of President Donald Trump’s picks for the Federal Reserve’s board of governors Tuesday, including economist Richard Clarida to become its vice chairman.
Mr. Clarida, a professor at Columbia University and managing director at Pacific Investment Management Co., advanced with a 20-5 vote, winning support from every Republican on the panel and a majority of Democrats. If confirmed by the full Senate, he would serve as the Fed’s No. 2 alongside Chairman Jerome Powell.
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