Senate committee backs 2 nominees for Fed's board

WASHINGTON (AP) ? A Senate committee has 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.

The Senate Banking Committee approved by voice vote 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 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.

But one Republican senator, David Vitter, a critic of the Fed's policies, has expressed opposition. That won't necessarily block the nominees' confirmation. But it means the Senate won't vote before its two-week break starts this weekend.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-03-29-Fed%20Nominations/id-9e9199d0147c4e56a47b192191a04d44

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