(WASHINGTON) -- President Obama announced Tuesday his nominees to fill two vacant slots on the Board of Governors of the Federal Reserve System.
The seven-member Board of Governors is part of the broader Federal Open Market Committee, which also consists of the regional federal bank presidents and decides monetary policy by purchasing and selling securities and setting target interest rates. President Obama's nominations are Jerome H. Powell, a visiting scholar at the Bipartisan Policy Center in Washington, D.C., and Jeremy C. Stein, the Moise Y. Safra Professor of Economics at Harvard University.
"I am grateful that these individuals have agreed to serve their nation at this important time for our economy," President Obama said in a statement. "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."
Federal board members serve 14-year terms on an annual salary of $179,700.
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