Obama nominates two new members to Fed board

federal reserve

US president Barack Obama on December 27 announced he would formally nominate two members to the Board of Governors at the Federal Reserve in Washington.

Jerome Powell, a former undersecretary to Treasury, and Jeremy Stein, an economics professor at Harvard University and adviser to Obama, have been selected to fill the vacant spots on the board.

The nominations will now be subject to confirmation by the Senate Banking Committee. One seat on the board has been vacant since March 2011, when Kevin

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