Jerome H. Powell and Jeremy C. Stein on Tuesday were nominated by President Barack Obama to fill the two vacant seats on the Federal Reserve System Board of Governors.
One of the seats has been vacant since 2008, when Frederic Mishkin, who took over the unexpired term of Roger Ferguson Jr. in 2006, left the board. The other has been vacant since the resignation of Kevin Warsh in April 2011.
Mr. Powell is a visiting scholar at the Bipartisan Policy Center in Washington, where he focuses on federal and state fiscal issues. He was a partner at Carlyle Group from 1997 to 2005, where he founded and led the buyout firm's industrial group, and was Treasury undersecretary for finance under President George H.W. Bush, focusing on financial institutions, the Treasury debt market and related areas.
Mr. Stein is the Moise Y. Safra professor of economics at Harvard University. Before coming to Harvard in 2000, Mr. Stein was on the finance faculty of M.I.T.'s Sloan School of Management for 10 years, most recently as the J.C. Penney professor of management. He also served in the Obama administration from February to July 2009 as a senior adviser to the Treasury Secretary Timothy Geithner and on the staff of the National Economic Council.
The Senate is expected to vote on the nominees when it returns in January.