From the FINANCIAL TIMES:
President Barack Obama has made a fresh attempt to fill vacant positions on the board of the US Federal Reserve, nominating candidates with Republican and Democratic affiliations in an apparent attempt to neutralise resistance in Congress.
The White House said on Tuesday that it would propose Jay Powell, a former executive in a private equity firm who previously served in the Treasury in George H.W. Bush’s administration in the early 1990s, and Jeremy Stein, a Harvard professor who worked in Mr Obama’s administration in its early months…
A previous White House attempt to fill a vacant position on the seven-member Fed board with Peter Diamond, an economics professor from the Massachusetts Institute of Technology, was stymied by political opposition in the US Senate. But though Prof Diamond was awarded the Nobel Prize for economics during the nomination process, his confirmation was blocked by Richard Shelby, the senior Republican on the Senate banking committee, who said Prof Diamond was not qualified for the post. Prof Diamond finally withdrew his nomination in June…
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