Richard Clarida has been with Pimco for 30 years, and a an economic professor at Columbia for the last four years. He's set to be nominated by the president for the vice chairman's post at the Fed, according to the WSJ.
Described more as pragmatist, rather than ideologue, Clarida also previously served as the Treasury Department's top economist during George Bush's (the younger) term.
Jay Powell is the first Fed chairman without an economics PhD to hold that post in several decades, so the White House was focused on bringing in more of a traditional monetary policy expert as the number two at the central bank.
Subscribe for full text news in your inbox