President Barack Obama is nominating a Harvard University professor and a former Treasury official under President George H.W. Bush to the Federal Reserve Board.

In a statement, Obama says Jeremy Stein and Jerome Powell will bring impressive knowledge of economic and monetary policy to their roles.

Stein is an economics professor at Harvard. He previously served in the Obama administration as a senior adviser to Treasury Secretary Timothy Geithner.

Powell is a visiting scholar at the Washington-based Bipartisan Policy Center, where he focused on federal and state fiscal issue.

He served as undersecretary of finance at the Treasury Department in the first Bush administration.

The nominations must be confirmed by the Senate.

 

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