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White House names Federal Reserve candidates

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By Hazel Bradford, Crain News Service

WASHINGTON (Jan. 15, 2014) — President Barack Obama picked Stanley Fischer and Lael Brainard as his nominees to serve on the Federal Reserve board of governors, the White House announced Jan. 10.

Mr. Obama also said he would nominate current governor Jerome Powell for a second term.

In a statement, Mr. Obama said Mr. Fischer, whom he tapped to serve as vice chairman under incoming Chairwoman Janet Yellen, “is widely acknowledged as one of the world’s leading and most experienced economic policy minds.” Mr. Fischer, who would represent the New York region, was governor of the Bank of Israel from 2005 to 2013, and vice chairman of Citigroup. He was also a managing director of the International Monetary Fund and head of the economics department at the Massachusetts Institute of Technology.

Ms. Brainard, who would represent the Richmond, Va., region, was undersecretary for international affairs at the Department of Treasury from 2010 to 2013. Before that, she was a senior fellow at the Brookings Institution and served during the Clinton administration as deputy national economic adviser.

Mr. Powell joined the board of governors in 2012, representing the New York region. If confirmed for a new term, he would represent the Philadelphia region. Mr. Powell was a partner at Carlyle Group from 1997 to 2005, where he founded and led the buyout firm’s industrial group. He also served as Treasury undersecretary for finance under President George H.W. Bush.

Confirmation hearings have not been scheduled.

This report appeared in Crain’s Pensions & Investments magazine, a Chicago-based sister publication of Tire Business.

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