Randall Kroszner
Jane Lauder and Kevin Warsh
Posted on 01/27/2006 5:30:29 PM PST by new yorker 77
WASHINGTON (AP) - President Bush is nominating Randall Kroszner and Kevin Warsh to fill two vacancies on the Federal Reserve's board of governors.
With the nominations announced Friday, Bush will have nominated or re-nominated all seven members of the Fed board including selecting Ben Bernanke to take over as chairman of the Fed from Alan Greenspan, who is retiring Tuesday after 18 1/2 years in the job.
Kroszner, 43, is an economics professor in the University of Chicago's graduate school of business and a previous member of the Council of Economic Advisers. He directs the university's George J. Stigler Center for the Study of the Economy and the State.
Kroszner also is a research associate at the National Bureau of Economic Research and a member of the board of directors of the National Association of Business Economists. He received a bachelor's degree from Brown University and a master's and doctorate from Harvard University.
Warsh, 35, is a special assistant to the president for economic policy at the White House, managing domestic finance, capital markets and banking issues. Previously, Warsh served as executive director and vice president of mergers and acquisitions in the investment banking division of Morgan Stanley.
Warsh received a bachelor's degree from Stanford University and a law degree from Harvard.
The nominations are subject to Senate approval.
Private economists said the nominations would increase expertise on the Fed board in the areas of financial regulation. In addition to managing monetary policy through the setting of interest rates, the Fed is responsible for regulating giant bank holding companies.
"I think in general Fed watchers would view them as unknown quantities" in terms of how they might reach their decisions on interest rates, said David Jones, head of a Denver-area economic consulting firm and the author of four books on the Fed.
Christopher Rupkey, senior financial economist at Bank of Tokyo-Mitsubishi in New York, said that Kroszner was the better known of the two because of the academic research he has published in such areas as banking regulation and international financial crises. But Rupkey said both men seemed well-qualified.
"You have to give Fed governors the benefit of the doubt. They usually start slow in making their views known on monetary policy," Rupkey said. "It will be a learning experience for both men."
Jane Lauder and Kevin Warsh
Warsh, 35, is a special assistant to the president for economic policy at the White House, managing domestic finance, capital markets and banking issues.
God, it sucks when guys younger than me are getting appointments like this.
Will there be a committee investigation or whatever else to try and slander these guys too?
I'm sure the DU is hot on these fascist nominees right now.
Probably. They move from one thing to another grasping at straws. Such a silly group of men and women these dem/lib/lefties.
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