WASHINGTON (1/14/14)--President Barack Obama last week announced his intent to nominate two new Federal Reserve Board members and one current Fed member.
The expected nominees are:
Former Governor of the Bank of Israel Stanley Fischer to serve as Fed Vice Chairman and Governor. Fischer holds a B.Sc. and an M.Sc. from the London School of Economics and a Ph.D. from MIT. He has served as Citigroup Vice Chairman, International Monetary Fund Deputy Managing Director and Vice President, Development Economics and Chief Economist at the World Bank. Fischer would serve the New York, N.Y. Fed region, and serve until Jan. 31, 2020;
Former U.S. Department of the Treasury Under Secretary for International Affairs Lael Brainard to serve as Fed Governor. Brainard holds a B.A. from Wesleyan University and an M.A. and Ph.D. from Harvard University. She has also served as Vice President and the Founding Director of the Global Economy and Development Program at the Brookings Institution and Deputy National Economic Adviser and Deputy Assistant for International Economics for President Bill Clinton. Brainard would serve the Richmond, Va., region until Jan. 31, 2026; and
Current Fed Governor Jerome Powell to serve a second term as governor. Powell holds an A.B. from Princeton University and J.D. from the Georgetown University Law Center. He has also served as Assistant Secretary and an Under Secretary of the Treasury for President George H.W. Bush. Powell would serve the Philadelphia, Pa. region until Jan. 31, 2028.
Obama said the three potential Fed nominees "have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy."
The seven-member Fed board currently is down to six members, and Chairman Ben Bernanke and board member Sarah Bloom Raskin are scheduled to depart soon.
Current Fed member Janet Yellen will succeed Bernanke as chairman when his term ends on Jan. 31. Her term as chairman will end Jan. 30, 2018.