US Senate confirms new Federal Reserve Board members

Capitol Hill in Washington DC

The US Senate on May 17 voted in favour of President Barack Obama's two nominees to the Federal Reserve Board. The new additions means the board will be at its full seven-member strength for the first time since 2006.

Jeremy Stein, an economics professor from Harvard University, was confirmed after a 70-24 vote and Jerome Powell, a former private equity executive, was confirmed, 74-21. Both were nominated in December 2011 and needed at least 60 votes to secure their positions on the board.

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