Obama Nominates Three to Federal Reserve Board of Governors
President Barack Obama on Thursday sent three nominations for the Federal Reserve Board of Governors to the US Senate. His nominees include Janet Yellen, president of the Federal Reserve Bank of San Francisco; Peter Diamond, an institute professor at the Massachusetts Institute of Technology (MIT); and Sarah Bloom Raskin, commissioner of financial regulation for the State of Maryland. “The depth of experience these individuals bring in economic and monetary policy, financial regulation, and consumer protection will make them tremendous assets at the Fed," Obama said in a statement. "I am grateful they have chosen to dedicate their talents to serving the American people.” The President nominated Yellen to the governor post for a 14-year term from Feb. 1, 2010 to replace Mark Olson, who resigned. He also nominated Yellen to take the role of vice chair of the Fed Board of Governors for a four-year term, to replace resigned Donald Kohn. Yellen, who has served as the president of the San Francisco Fed since 2004, previously served as a member of the Fed Board of Governors from 1994 to 1997. “I am strongly committed to pursuing the dual goals that Congress has assigned us: maximum employment and price stability and, if confirmed [by the Senate], I will work to ensure that policy promotes job creation and keeps inflation in check," Yellen said in a statement following her nomination. Obama nominated Diamond to serve as a member of the Fed Board of Governors for an unexpired 14-year term from Feb. 1, 2000. Diamond, a former chair of the MIT Department of Economics, would automatically serve on the Federal Open Market Committee (FOMC), according to an MIT statement. The President also nominated Raskin to serve as a member of the Fed Board of Governors for an unexpired 14-year term from Feb. 1, 2002 to replace resigned Donald Kohn. In her post as commissioner of financial regulation in Maryland, Raskin regulates financial institutions like banks, credit unions, mortgage lenders, servicers and originators, as well as trust companies, collection agencies and debt management companies, according to the White House statement. The Maryland Department of Labor, Licensing and Regulation secretary Alexander Sanchez recommended Raskin for her "unparalleled record" as regulator. "She oversaw a massive effort in the Office of the Commissioner to begin licensing mortgage brokers and has worked closely with federal prosecutors to crack down on foreclosure rescue scams that preyed on Maryland residents," Sanchez said in a statement. "Most recently, her testimony in the General Assembly was pivotal in helping pass a bill that prevents payday lending from returning to our State." The nominations head to the US Senate for confirmation. Write to Diana Golobay.