04.16.2018

WASHINGTON, DC -- In response to the nomination of Richard Clarida as Vice-Chair of the Federal Reserve, the Fed Up coalition released the following statement from Director Shawn Sebastian:

"Donald Trump is on his way to re-shaping the nation's most important economic policymaking body, the Federal Reserve, by filling six out of seven positions on the Board of Governors. The Board of Governors is the Supreme Court of the economy and its members serve 14 year terms. Senators must thoroughly vet nominees for the impact they'll have on working people, long after Trump is out of office. 

Richard Clarida should be asked whether he supports the Fed's full employment mandate and whether he will pursue policies that help our economy reach full employment. He should also be asked whether he will defend strong financial protections that guard against another financial crisis. 

Clarida has given us reason for cautious optimism on both of these fronts. He believes the financial crisis was due to a failure of regulation, has pushed back against post-crisis concerns about risks caused by the Fed's accommodative monetary policy, and has questioned unreliable estimates of full employment by the Fed in the past. 

On the other hand, his past remarks suggesting support for premature rate hikes should be scrutinized carefully. We encourage the Senate to carefully examine Clarida's record to ensure that, if confirmed, he will act in the interests of working families.”

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Media Contact:

Asya Pikovsky, apikovsky@populardemocracy.org, 207-522-2442