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From Banking and Finance Law Daily, January 10, 2014

Three nominations to Federal Reserve Board announced

By Richard A. Roth, J.D.

President Obama intends to nominate two individuals to fill open positions on the Board of Governors of the Federal System. Stanley Fischer will be nominated to be Vice Chairman, and Lael Brainard will be nominated to be a Fed governor. In addition, Obama said he will nominate Jerome Powell for a second term as governor.

Senate confirmation of the nominations is required.

Dr. Stanley Fischer. According to the White House announcement, Fischer was Governor of the Bank of Israel for eight years, ending in 2013. Immediately before that, he was Vice Chairman of Citigroup, from 2002 through 2005. Fischer has held high-level positions at the International Monetary Fund and the World Bank and has held academic positions at the Massachusetts Institute of Technology and the University of Chicago.

Dr. Lael Brainard. The White House said that Brainard was Treasury Under Secretary for International Affairs from 2010 to 2013. She also was Deputy National Economic Advisor and Deputy Assistant to the President for International Economics during the Clinton Administration. Brainard has been an associate professor at the MIT Sloan School of Management and also a Vice President at the Brookings Institution.

Jerome H. Powell. Powell was first appointed to the Fed Board of Governors in 2012 to complete an unexpired term that ends on Jan. 31, 2014, the announcement said. He has significant private sector experience, and was both Assistant Secretary and Under Secretary of the Treasury in the administration of President George H.W. Bush.

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