President Obama has nominated two scholars – a Republican and a Democrat – to fill vacancies on the Federal Reserve Board of Governors.
Reaching across party lines, the president tapped Jerome H. Powell (pictured top), who served as an undersecretary for finance in the Department of the Treasury during the administration of President George H.W. Bush. Powell is currently a visiting scholar at the Bipartisan Policy Center in Washington, D.C., and is a former partner at The Carlyle Group.
The president also nominated a Democrat, Jeremy C. Stein (pictured bottom), who is the Moise Y. Safra Professor of Economics at Harvard University, where he teaches courses in finance in the undergraduate and PhD programs. Before coming to Harvard in 2000, Stein was on the finance faculty of M.I.T.'s Sloan School of Management for 10 years, most recently as the J.C. Penney Professor of Management. From February 2009 to July 2009, he served in the Obama administration as a senior adviser to the Treasury Secretary and on the staff of the National Economic Council.
‘I am grateful that these individuals have agreed to serve their nation at this important time for our economy,’ Obama said in a press statement. ‘Their distinguished backgrounds and experience coupled with their impressive knowledge of economic and monetary policy make them tremendously qualified to serve in these important roles.’