Senate confirms Fed board appointees

The Senate confirmed two nominees chosen by President Obama for the Federal Reserve Board of Governors.

Chastened by JPMorgan’s $2 billion loss, the Senate last week put aside party differences and confirmed two nominees chosen by President Obama for the Federal Reserve Board of Governors, which regulates financial businesses and sets interest rates. In confirming Harvard professor Jeremy Stein, a Democrat, and former executive Jerome Powell, a Republican, the Senate restored the seven-member board to full strength for the first time since before the economic crisis. The nominations had been held up for months by Sen. David Vitter (R-La.), but Sen. Harry Reid (D-Nev.) pushed hard for a vote, warning that a “fully functioning Fed” is needed to keep big banks like JPMorgan in line.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us