President Clinton has tapped White House budget director Alice Rivlin and Washington University economist Laurence Meyer for the Federal Reserve Board.
Speaking from the Oval Office, the President named Ms. Rivlin to fill the vice chairman's slot that Alan Blinder vacated Jan. 31 to return to Princeton University. The President said Mr. Meyer had been selected to take the seat former Shawmut National Bank chairman John P. LaWare left in April. Mr. Clinton also reappointed Alan Greenspan as Fed chairman.
"I feel quite confident this team of people will be confirmed," the President said.
"Alice Rivlin has the right combination of mind and heart to serve our nation well as vice chairman of the Federal Reserve Board," he said. Of Mr. Meyer, Mr. Clinton said, "His judgment and expertise will serve us well at the Federal Reserve Board."
The industry had hoped a banker would be named.