Senate confirms Federal Reserve nominees

Washington, D.C., United States (4E) – The Federal Reserve will soon have a full roster, the first time in six years, after the Senate Thursday confirmed two of President Obama’s nominees to the central bank.

Given the nod were 59-year-old Jerome Powell, a lawyer and former investment banker, and 51 year-old Jeremy Stein, an economics professor.

The newly approved Powell and Stein received more bipartisan support because they represent both sides of the aisles.

Powell is a Republican and has donated to presidential candidates John McCain in 2008, and more recently Mitt Romney. He has been working as a visiting scholar at the Bipartisan Policy Center in D.C. He also served as Undersecretary of the Treasury for Finance under President Georg H,.W. Bush.

Meanwhile, Stein donated to Obama’s campaign. He is an economics professor at Harvard and served as an adviser to Treasury Secretary Timothy Geithner.

The Washington, D.C. based Federal Reserve Board is suppose to be lead by seven voting members. But, the last time all of the those were filled was in April 2006.

The seven fabled members of the Board of Governors are the central bank’s highest ranking officials. Appointed by the presiding president, and conformed by the Senate, they serve 14 year terms. Most, however, resign, retire, or step down prior to completing the full term.

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