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Fed nominees Clarida, Bowman clear Senate panel

A Senate panel approved Federal Reserve nominees Richard Clarida and Michelle Bowman on a bipartisan basis, sending their nominations to the full Senate.

The Senate Committee on Banking, Housing and Urban Affairs approved Clarida on a 20-5 vote. Clarida, slated to become the Fed's next vice chairman, is a PIMCO managing director and an economics professor at Columbia University.

Bowman, meanwhile, will fill a spot on the Fed Board of Governors designated for community banking specialists. She is the Kansas state bank commissioner and was previously vice president at Farmers and Drovers Bank.

The votes against the two nominees, who testified at the committee last month, all came from Democrats.

The Fed board currently has four of its seven spots empty.

Sen. Mike Crapo, an Idaho Republican who chairs the committee, praised the nominees' experience and said filling those vacancies is critical.

But Sen. Sherrod Brown, D-Ohio, the committee's ranking member, said the two nominees' answers to his follow-up written questions were "nearly identical" at times and seemed to reflect the Fed staff's thinking instead of their own. Brown voted against both nominees, as did Sen. Elizabeth Warren, D-Mass.

Earlier this year, the committee narrowly approved economist Marvin Goodfriend's nomination to the Fed, but the nominee has faced trouble in the Senate.

Isaac Boltansky, a Compass Point analyst, wrote in a note to clients this week that he expects Clarida and Bowman to be confirmed, though it is not clear when the Senate would vote on them. But he wrote that Goodfriend's chances are "slim-to-none at this point."