WASHINGTON, PC – Pres. Barack Obama Announced His Intentions Today to nominate Jerome Powell, And Jeremy C. Stein to the Board of Governors of the Federal Reserve system.

In his statement president Obama said, “I am grateful that these individuals have agreed to serve their nation at this important time for our economy. There distinguished backgrounds and experience coupled with their impressive knowledge of the economic and monetary policy make them tremendously qualified to serve in these important roles.”

Jerome H. Powell, is presently a visiting scholar at the bipartisan policy Center in Washington DC. There, his work focuses on federal and state fiscal actions. Previously, under Pres. George HW Bush, he served as undersecretary of the treasury for finance. Powell was also a partner at the Carlyle Group from 1997 to 2005. In the prior to this, he worked as a lawyer in an investment bank in New York City, Powell has served on the boards of charitable and educational institutions. Currently he is a member of the Board of Directors of these prep charter school operator in Washington DC. He is also a member of the Board of Directors of the Bendheim Center for finance at Princeton University. Powell graduated from Princeton University in 1975 and Georgetown University Law Center in 1979.

The other intended nominee, Jeremy C. Stein, teaches courses in finance in the undergraduate and PhD programs as a professor of economics at Harvard University. Stein was also on the finance faculty of MIT Sloan School of Management for 10 years prior to going to Harvard 2000. And before that, he taught at the Harvard business school as an assistant professor of finance in 1987 to 1990.. He is currently a coeditor of the quarterly Journal of economics, and was previously a coeditor of the Journal of economic perspectives. He is a fellow of the American Academy of arts and sciences, a research associate at the National Bureau of Economic Research, and a member of the Federal Reserve Bank of New York’s financial advisory Roundtable. He has previously worked in the Obama administration from February to July of 2009, at that time he served as senior advisor to the Treasury Secretary and on the staff of the National Economic Council. He received his A.B. in economics summa cum laude from Princeton University in 1983 and his PhD in economics from MIT in 1986.