Three nominees for the Federal Reserve System's board of governors were approved Tuesday by the Senate Banking, Housing and Urban Affairs Committee.
Stanley Fischer was approved to serve as vice chairman, while Jerome Powell and Lael Brainard were approved as board members. Mr. Powell, a former Carlyle Group partner, was nominated to serve a second term. He currently represents the New York region but would represent the Philadelphia region if confirmed, replacing Charles Plosser.
Mr. Fischer, who would represent the New York region, was governor of the Bank of Israel from 2005 to 2013, and vice chairman of Citigroup. He was also a managing director of the International Monetary Fund and head of the economics department at the Massachusetts Institute of Technology.
Ms. Brainard, who would represent the Richmond, Va., region, was undersecretary for international affairs at the Treasury Department and served during the Clinton administration as deputy national economic adviser.
Senate Banking Committee Chairman Tim Johnson, D-S.D., said in a statement that all three “extremely capable” nominees face several critical tasks, “including establishing monetary policy to grow our economy and improve employment, and implementing policies to ensure stability in the financial system.”
A Senate floor vote on the nominations has not been scheduled.