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News Link • Federal Reserve

Obama to nominate Powell, Stein as Fed governors

• Reuters

President Barack Obama will nominate Harvard economist Jeremy Stein and Jerome Powell, an investment banker and former Treasury official, to the two empty seats on the Federal Reserve's policy-setting board of governors.

The White House's pick of candidates, who have Democratic and Republican credentials respectively, may help speed their nomination through Congress when the U.S. economy faces a period of frustratingly slow improvement that has failed to put a major dent in the unemployment rate, now at 8.6 percent.

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