Pimco at the Fed, and the Next SEC Commish Approaches?
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Thursday, August 30, 2018

Pimco at the Fed, and the Next SEC Commish Approaches?

A fundster is taking the number two job at the Fed, and a would-be SEC commissioner just cleared a key hurdle.

On Tuesday, by a vote of 69 to 26, the U.S. Senate confirmed Richard Clarida as the next vice chairman of the Federal Reserve and approved adding Clarida to the Fed's board of governors. New York City-based Clarida, a Columbia economics professor, is also a managing director and global strategic advisor at a giant mutual fund firm, Pimco [profile].

Bloomberg, Reuters, the Wall Street Journal, and the Washington Post all reported on Clarida's confirmation.

After interviewing Clarida last year, President Trump nominated him this past spring. Clarida's confirmation comes seven years after he denied rumors that he was in the running to be picked by then-President Obama for a Fed board spot.

Meanwhile, last Thursday the Senate Banking Committee unanimously approved of Elad Roisman (currently chief counsel to that same committee) to fill an open Republican SEC commissioner spot, Pensions & Investments and ThinkAdvisor report. Now Roisman's fate rests in the hands of the full Senate.

One wrinkle is that, while Republican and Democratic commissioner candidates are normally presented together in the Senate, no one has yet been nominated to succeed commissioner Kara Stein, a Democrat who will leave in December at the latest. Earlier this month, the rumor was that Trump would nominate former SEC enforcement attorney Allison Lee, a former aide to Stein, to fill Stein's shoes.

Trump nominated Roisman in June to replace outgoing SEC commissioner Michael Piwowar. Roisman then testified before the Senate Banking Committee in July.

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