President Barack Obama is expected today to announce two nominees to serve on the Federal Reserve Board, The Wall Street Journal reports.
The nominees, Jeremy Stein, a Democrat, and Jerome Powell, a Republican, will have to be confirmed by the Senate — a step that scuttled the nomination of another Obama appointee, MIT economist Peter Diamond.
Stein would be the third economist on the board, while Powell would bring Wall Street experience to the board, working at Dillon Read & Co.
According to the Journal, Obama will nominate Powell for a term that expires Jan. 31, 2014, and Stein for one that expires Jan. 31, 2018.
THE WHITE HOUSE
Office of the Press Secretary
FOR IMMEDIATE RELEASE
December 27, 2011
President Obama Announces Intent to Nominate Two Individuals to the Board of Governors of the Federal Reserve System
WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate the following individuals to the Board of Governors of the Federal Reserve System:
- Jerome H. (Jay) Powell, Governor, Board of Governors of the Federal Reserve System
- Jeremy C. Stein, Governor, Board of Governors of the Federal Reserve System
President Obama said, “I am grateful that these individuals have agreed to serve their nation at this important time for our economy. Their distinguished backgrounds and experience coupled with their impressive knowledge of economic and monetary policy make them tremendously qualified to serve in these important roles.”
President Obama announced his intent to nominate the following individuals to the Board of Governors of the Federal Reserve System:
Jerome H. (Jay) Powell is a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focuses on federal and state fiscal issues. Powell previously served as Undersecretary of the Treasury for Finance under President George H.W. Bush, with responsibility for policy on financial institutions, the treasury debt market, and related areas. From 1997 through 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the U.S. Buyout Fund. He worked for many years prior to that as a lawyer and investment banker in New York City. In addition to service on corporate boards, Powell has served on the boards of charitable and educational institutions. He is currently a member of the board of directors of D.C. Prep, a charter school operator in Washington, D.C.; the Bendheim Center for Finance at Princeton University; and The Nature Conservancy of Washington D.C. and Maryland. He served as founding chair of the Center City Consortium, a group of 16 parochial schools in the poorest areas of Washington D.C. Powell graduated from Princeton University in 1975 and Georgetown University Law Center in 1979.
Jeremy C. Stein is the Moise Y. Safra Professor of Economics at Harvard University, where he teaches courses in finance in the undergraduate and PhD programs. Before coming to Harvard in 2000, Stein was on the finance faculty of M.I.T.’s Sloan School of Management for ten years, most recently as the J.C. Penney Professor of Management. Prior to that, he was an assistant professor of finance at the Harvard Business School from 1987-1990. Stein’s research has covered such topics as: the behavior of stock prices; corporate investment and financing decisions; risk management; capital allocation inside firms; banking; financial regulation; and monetary policy. He is currently a coeditor of the Quarterly Journal of Economics, and was previously a coeditor of the Journal of Economic Perspectives. He is a fellow of the American Academy of Arts and Sciences, a research associate at the National Bureau of Economic Research, and a member of the Federal Reserve Bank of New York’s Financial Advisory Roundtable. In 2008, he was president of the American Finance Association. From February-July of 2009, he served in the Obama Administration, as a senior advisor to the Treasury Secretary and on the staff of the National Economic Council. He received his AB in economics summa cum laude from Princeton University in 1983 and his PhD in economics from M.I.T. in 1986.
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