WASHINGTON – The Obama Administration said it intends to nominate Jerome H. Powell and Jeremy C. Stein to fill the two remaining vacancies on the Federal Reserve Board.
Powell previously served as Treasury undersecretary for finance under President George H.W. Bush and as a partner at The Carlyle Group. He currently is a visiting scholar at the Bipartisan Policy Center, where he focuses on federal and state fiscal issues, according to American Banker, an affiliate of Credit Union Journal.
Stein, meanwhile, currently serves as the Moise Y. Safra Professor of Economics at Harvard University, where he has taught for the past 11 years.
While the nominations would fill the vacancies on the 7-member Fed board, it is unclear how fast Congress will act. Senate Minority Leader Mitch McConnell has placed a hold on dozens of nominees, including those to head the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, because President Obama has forgone a pledge not to make a recess appointment.
