WASHINGTON (MNI) – The following was issued Tuesday by the White
House:

Announces Intent to Nominate Two Individuals to the Board of
Governors of the Federal Reserve System

Today, President Barack Obama announced his intent to nominate the
following individuals to the Board of Governors of the Federal Reserve
System:

— Jerome H. (Jay) Powell, Governor, Board of Governors of the
Federal Reserve System

— Jeremy C. Stein, Governor, Board of Governors of the Federal
Reserve System

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

President Obama announced his intent to nominate the following
individuals to the Board of Governors of the Federal Reserve System:

Jerome H. (Jay) Powell is a visiting scholar at the Bipartisan
Policy Center in Washington, D.C., where he focuses on federal and state
fiscal issues. Powell previously served as Undersecretary of the
Treasury for Finance under President George H.W. Bush, with
responsibility for policy on financial institutions, the treasury debt
market, and related areas. From 1997 through 2005, Powell was a partner
at The Carlyle Group, where he founded and led the Industrial Group
within the U.S. Buyout Fund. He worked for many years prior to that as
a lawyer and investment banker in New York City. In addition to service
on corporate boards, Powell has served on the boards of charitable and
educational institutions. He is currently a member of the board of
directors of D.C. Prep, a charter school operator in Washington, D.C.;
the Bendheim Center for Finance at Princeton University; and The Nature
Conservancy of Washington D.C. and Maryland. He served as founding
chair of the Center City Consortium, a group of 16 parochial schools in
the poorest areas of Washington D.C. Powell graduated from Princeton
University in 1975 and Georgetown University Law Center in 1979.

Jeremy C. Stein is the Moise Y. Safra Professor of Economics at
Harvard University, where he teaches courses in finance in the
undergraduate and PhD programs. Before coming to Harvard in 2000, Stein
was on the finance faculty of M.I.T.’s Sloan School of Management for
ten years, most recently as the J.C. Penney Professor of Management.
Prior to that, he was an assistant professor of finance at the Harvard
Business School from 1987-1990. Stein’s research has covered such
topics as: the behavior of stock prices; corporate investment and
financing decisions; risk management; capital allocation inside firms;
banking; financial regulation; and monetary policy. 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. In 2008, he
was president of the American Finance Association. From February-July
of 2009, he served in the Obama Administration, as a senior advisor to
the Treasury Secretary and on the staff of the National Economic
Council. He received his AB in economics summa cum laude from Princeton
University in 1983 and his PhD in economics from M.I.T. in 1986.

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: M$U$$$,MMUFE$,MGU$$$,MFU$$$]