Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Obama to nominate two, renew one for Fed board
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.


RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
10 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
11 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
11 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
13 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
14 hours ago