WASHINGTON — The Federal Reserve Board on Friday welcomed one of the two new governors who were confirmed by the Senate earlier this month.
Jerome Powell, a former top Treasury Department official under President George H.W., was officially sworn in by Fed Chairman Ben Bernanke. Powell fills an unexpired term on the Fed board that ends Jan. 31, 2014.
He was confirmed May 17 along with fellow Fed board nominee Jeremy Stein. A Harvard economics professor, Stein is expected to be sworn in soon.
Powell was a visiting scholar at the Bipartisan Policy Center in Washington D.C., and was a partner at The Carlyle Group from 1997 to 2005. At Treasury, he served both as an assistant secretary and undersecretary, focusing on financial institution policy. He was nominated to the Fed post in December.