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Friday, May 18, 2012

Senate Confirms Fed Board Nominees

The Senate yesterday confirmed the nominations of Jeremy Stein and Jerome Powell to the Federal Reserve Board, bringing the seven-member panel to full strength for the first time since April 2006. The chamber confirmed Stein, a Harvard economics professor, by a 70-24 vote, and Powell, a former private equity executive, by a 74-21 tally.

Stein will fill the term vacated by Kevin Warsh’s resignation, which will expire in 2018. Powell will fill the term vacated by Frederic Mishkin’s resignation, which will expire in 2014.

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