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Senate approves two new board members for Federal Reserve

The Federal Reserve will soon have the first complete board in six years, after two of President Barack Obama’s nominees garnered the 70 votes needed in the Senate to be confirmed to the board.

for confirmation.

The Senate approved Harvard University professor Jeremy Stein and Jerome Powell, a private equity investor who served as a Treasury Department undersecretary for President George H.W. Bush, according to Bloomberg.

Some Republicans in the Senate said that although the two are definitely qualified to serve on the board, they worried that Stein and Powell would not make the policy decisions Republicans will support. Both Stein and Powell have experience in capital markets.

“I am very concerned about the overly accommodative efforts that are taking place right now at the Federal Reserve,” said Sen. Bob Corker (R-Tenn) on the Senate floor. “These two nominees, candidly, do not represent the kind of more hawkish position I would like to see the Federal Reserve take.” 

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