Senate confirms Powell and Stein to Fed board

The Senate’s votes to approve Jeremy Stein and Jerome Powell bring the seven-member Federal Reserve board to full strength for the first time since 2006, before the economic crisis struck.

(WASHINGTON) — Jeremy Stein, a member of the Federal Reserve Board, says that he plans to resign next month to return to Harvard University. In a letter to President Barack Obama, Stein says that he will resign effective May 28 and return to Harvard, where he had been an economics professor since 2000. Stein had been on the seven-member Fed board since 2012.

(WASHINGTON) — Jeremy Stein, a member of the Federal Reserve Board, says that he plans to resign next month to return to Harvard University. In a letter to President Barack Obama, Stein says that he will resign effective May 28 and return to Harvard, where he had been an economics professor since 2000. Stein had been on the seven-member Fed board since 2012.

When the Federal reserve Board is fully staffed, the Board members outnumber the regional bank presidents 7-5 on the FOMC (the committee that sets monetary policy). Presently, however, the power balance has shifted and it may shift even more:

By Craig Elder, Senior Vice President and Fixed Income Strategist, Robert W. Baird & Co., Inc. Recent Changes at the Fed

The Senate has confirmed President Barack Obama's two nominees to the Federal Reserve Board, bringing the seven-member board to full strength for the first time since April 2006.

WASHINGTON: President Donald Trump on Thursday tapped Fed Governor Jerome Powell to become head of the US central bank, breaking with precedent by denying Janet Yellen a second term but signaling a continuation of her cautious monetary policies. Powell, 64, a lawyer and investment banker appointed to the Fed board in 2012 by then-President Barack Obama, emerged as Trump's choice from a slate of possible nominees that included Yellen and others who may have pursued a sharp policy shift.