Since the GOP rejected a Nobel economist for not being qualified last year, there has been a lot of debate over who will replace that candidate. With one of Bush's board members finishing early next year, Obama has chosen one economist who supports the Bernanke quantitative easing programs and another who served under Bush Sr. How inspiring. Since the White House is much too afraid to take a stand on actual economic policy, they've been relying on Bernanke to pump money into Wall Street in the belief that the cash will somehow trickle down. It doesn't and it hasn't. The two nominations help maintain the status quo which helps nobody other than Wall Street. Thanks again for nothing.
Jerome Powell, an attorney who was a Treasury undersecretary for former President George H.W. Bush, and Jeremy Stein, a Harvard University economist who has advised the current administration, are Obama’s picks. Pairing candidates who served under both parties may help ease approval by a Senate where the Democrats’ majority narrowed last year, letting Republicans block administration nominees. The Fed’s seven-member Board of Governors has two vacancies. While the term of Elizabeth Duke, an appointee of President George W. Bush, expires Jan. 31, she can continue to serve until a successor is appointed. Referring to the nominees, Obama said today in a statement that “their distinguished backgrounds and experience coupled with their impressive knowledge of economic and monetary policy make them tremendously qualified.”