Capital Briefs: 2 Fed Nominees to Be Sworn in Next Week

Roger W. Ferguson and Edward Gramlich are expected to be sworn in as Federal Reserve Board governors in time for the central bank's Nov. 12 monetary policy meeting.

The Senate confirmed both nominees Thursday. Mr. Ferguson was a banking consultant with McKinsey & Co., while Mr. Gramlich was the University of Michigan's public policy dean.

A Fed spokesman said the swearing in ceremony has not been scheduled. Also, neither has been assigned to any of the central bank's committees, although industry officials expect Mr. Ferguson will serve on the banking supervision and regulation panel.

President Clinton selected the two in April, but did not formally nominate them until July. Their confirmations were held up for a week by Sen. Tom Harkin, who wanted to debate the Fed's monetary policy decisions.

The Iowa Democrat dropped his objection after Senate Republican leaders gave him two hours Monday night and 90 minutes Thursday evening to air his grievances. Sen. Harkin charged that the Fed is hurting farmers and blue-collar workers by keeping interest rates unnecessarily high.