WASHINGTON President Bush has nominated law professor Kenneth Dam to be deputy Treasury secretary and renominated Fed Vice Chairman Roger W. Ferguson Jr., a White House spokesman said Monday.
Both appointments had been widely expected in the industry for some time.
Mr. Dam is a professor at the University of Chicago and a longtime friend of Treasury Secretary Paul ONeill, the former Alcoa chairman who recruited him in 1987 to serve on its board.
Mr. Dam was deputy secretary of state during the Reagan administration and was executive director of the Council on Economic Policy in 1973. He has also been president and chief executive officer of United Way of America.
Mr. Ferguson has served as Fed vice chairman since October 1999, but his separate board term expired on Jan. 31, 2000. If the Senate approves him, Governor Fergusons term on the Fed board would expire in 2014.