2 Fed nominees get Senate panel’s OK
A Senate committee on Thursday approved President Barack Obama’s two nominations to fill vacancies on the Federal Reserve’s board. But prospects for a quick confirmation in the full Senate are uncertain. On a voice vote, the Senate Banking Committee backed the nominations of Jeremy Stein, a Harvard economics professor, and Jerome Powell, an investment banker who served in the George H.W. Bush administration. Obama had nominated Stein, a Democrat, and Powell, a Republican, in hopes that pairing nominees from both parties could overcome Republican objections. The Fed board hasn’t operated with a full seven members since 2006.