Com­mit­tee backs 2 nom­i­nees for Fed board

The Washington Times Daily - - Politics -

A Se­nate com­mit­tee has ap­proved Pres­i­dent 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.

Mr. Obama nom­i­nated Mr. Stein, a Demo­crat, and Mr. 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 Sen. David Vit­ter, Louisiana Re­pub­li­can, has expressed public op­po­si­tion, which at least means the Se­nate won’t vote be­fore its twoweek break starts this week­end. Mr. Vit­ter has crit­i­cized ef­forts by the Fed and Chair­man Ben S. Ber­nanke for keep­ing in­ter­est rates at record lows to en­cour­age bor­row­ing, ar­gu­ing that the Fed’s ac­tions have raised the risk of in­fla­tion and spec­u­la­tive eco­nomic bub­bles.

“I refuse to pro­vide Chair­man Ber­nanke with two more rub­ber stamps who ap­prove of the Fed’s ac­tivist poli­cies,” he said in a state­ment. pro­ceed­ings for many non­crim­i­nal il­le­gal im­mi­grants, the Depart­ment of Home­land Se­cu­rity said Thurs­day.

The Im­mi­gra­tion and Cus­toms En­force­ment agency pre­vi­ously re­viewed 11,682 cases in Bal­ti­more and Den­ver. Of­fi­cials rec­om­mended sus­pend­ing more than 1,600 cases in those two cities.

The re­views are part of an Obama ad­min­is­tra­tion pledge to fo­cus de­por­ta­tion re­sources on crim­i­nal im­mi­grants and those who pose a na­tional se­cu­rity or public safety threat.

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