Obama names Federal Reserve Board nominees

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U.S. President Barack Obama on Tuesday nominated a Harvard professor and a former Treasury official to serve on the Federal Reserve Board of Governors.

Professor Jeremy Stein is an expert in the movement of stock prices, risk management and banking, while Jerome Powell was a former undersecretary for finance under the first president George Bush.

“Their distinguished backgrounds and experience coupled with their impressive knowledge of economic and monetary policy make them tremendously qualified to serve in these important roles,” Obama said in a statement.

Stein teaches courses in finance at Harvard and previously worked at the Massachusetts Institute of Technology Sloan School of Management and is a member of the New York Fed’s Financial Advisory Roundtable.

Powell is currently a visiting scholar at the Bipartisan Policy Center in Washington and in his Treasury role had responsibility for policy on financial institutions and the treasury debt market.

Both nominees to the Fed, the US central bank, need to be confirmed by the Senate. Obama made the nominations while on vacation in his native state of Hawaii.