Obama Nominates 2 to Federal Reserve Board
Byline: Julie Pace Associated Press
HONOLULU -- A vacationing President Barack Obama on Tuesday nominated a Harvard University professor and a former Treasury official under President George H.W. Bush -- a Democrat and a Republican -- to the Federal Reserve Board of Governors.
In a statement from Hawaii, where he was vacationing with his family, Obama praised Jeremy Stein and Jerome Powell for agreeing to serve his administration at a critical moment for the U.S. economy.
"Their distinguished backgrounds and experience coupled with their impressive knowledge of economic and monetary policy make them tremendously qualified to serve in these important roles," Obama said.
Stein is an economics professor at Harvard, where he teaches courses in finance. His research focuses on the behavior of stock prices, corporate investment and financial regulation. He previously served in the Obama administration as a senior adviser to Treasury Secretary Timothy Geithner.
Powell is a visiting scholar at the Washington-based Bipartisan Policy Center, where he has focused on federal and state fiscal issue. He served in the first Bush administration as undersecretary of finance at the Treasury Department, where he was responsible for policy on financial institutions and the treasury debt market.
In nominating both a Democrat and Republican to the seven-member Fed board, Obama could be trying to head off a …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Obama Nominates 2 to Federal Reserve Board. Contributors: Not available. Newspaper title: Daily Herald (Arlington Heights, IL). Publication date: December 28, 2011. Page number: 2. © 2009 Paddock Publications. COPYRIGHT 2011 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.