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.
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