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Published: Friday, 5/18/2012

Senate OKs 2 nominees to Federal Reserve Board


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

Harvard economics professor Jeremy Stein, a Democrat, was confirmed Thursday on a 70-24 vote. Former private equity executive Jerome Powell, a Republican, was confirmed, 74-21.

Mr. Obama nominated the two in December. But their confirmations were delayed by Sen. David Vitter (R., La.), who said the pair would essentially serve as a rubber stamp for Fed Chairman Ben Bernanke's policies.

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