President Obama has nominated two economists and anattorney to the Federal Reserve Board, bringing the board to its fullseven-member strength for the first time in four years.
The president nominated Janet Yellen, 63, the presidentof the Federal Reserve Bank of San Francisco, Sarah Bloom Raskin, 49, theMaryland Commissioner of Financial Regulation, and Peter Diamond, 70, aneconomics professor at the Massachusetts Institute of Technology.
All three are likely to be confirmed by the Senate. Ifso, the president will have appointed four of the seven governors since takingoffice.
Those familiar with the situation said the appointmentswill not likely dictate a shift in interest rate policy, but would likelycontinue the current shift toward overhauling the central bank to monitor andregulate systemic risks, particularly in light of yesterday's Senate agreementto begin debate on financial oversight reform.
The reform bill, sponsored by Senate Banking CommitteeChairman Christopher Dodd, D-Conn., would establish a consumer-protectionagency, and strengthen oversight of derivatives and hedge funds. It would alsotake away oversight responsibility for about 5,000 banks across the U.S. fromthe Fed.
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