President Clinton on Thursday formally nominated University of Michigan public policy dean Roger W. Ferguson and McKinsey & Co. consultant Edward Gramlich to the Federal Reserve Board.
"We looked for people who had a sound, pragmatic view on monetary policy and would bring sound and reasonable judgment to their decisions," said Gene Sperling, the president's national economic adviser. "There was no litmus test. We looked for the best minds we could."
The Clinton administration first floated the names of the two economists in April, but extensive background checks delayed the formal nominations.
Mr. Gramlich would fill the seat vacated by Janet Yellen, representing the Richmond district through Jan. 31, 2008. Mr. Ferguson would assume Lawrence B. Lindsey's slot, representing the Boston region through Jan. 31, 2000.