Washington, D.C. and Honolulu – President Obama will nominate Harvard economist Jeremy Stein and former Treasury official and investment banker Jerome Powell, to fill the two empty seats on the Federal Reserve's board of governors.

Stein, previously worked for the Obama administration as an adviser to the Treasury secretary and a National Economic Council staff member. His specialties include stock price behavior, risk management and corporate investment and finance.

Powell a Republican, served at the Treasury during President George H. W. Bush's term in the late 1980s and early 1990s.

A previous Fed nominee, Peter Diamond, an economist from MIT and a Nobel laureate, withdrew his name from consideration citing "intractable" Republican opposition to his nomination.




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