Bloomberg News

Powell Said to Be Considered by White House for Fed Board

November 15, 2011

(Updates with Powell ‘no comment’ in third paragraph.)

Nov. 14 (Bloomberg) -- The White House is considering Jerome “Jay” Powell, a former Treasury Department official in a Republican administration, for a vacancy on the Federal Reserve Board, a person familiar with the matter said.

Powell, undersecretary of the Treasury for President George H.W. Bush, is under consideration, the person said on condition of anonymity. Another potential nominee with Republican ties, Richard Clarida, withdrew from consideration in August.

Powell said “no comment” in an e-mail when contacted by Bloomberg News today. The Wall Street Journal previously reported the consideration of Powell.

Powell is a 1975 graduate of Princeton University and a 1979 graduate of Georgetown University Law Center, according to the Bipartisan Policy Center, where he has served as a visiting scholar.

As undersecretary of the Treasury under the first President Bush, Powell had responsibility for policy on financial institutions, the Treasury debt market, and related areas, the Washington-based Bipartisan Policy Center said.

President Barack Obama is still also considering Jeremy Stein, a Harvard University economist who specializes in banking and finance, for an appointment to the Fed board, the person familiar said today.

Stein served in the Obama administration from February to July of 2009 as a senior adviser to U.S. Treasury Secretary Timothy F. Geithner and as a staff economist on the White House’s National Economic Council.

“The president has made no final decisions on who he will name to the two vacant seats on the Federal Reserve Board of Governors,” Amy Brundage, a White House spokeswoman, said.

--Editors: Kevin Costelloe, Carlos Torres

To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.net

To contact the editor responsible for this story: Kevin Costelloe at kcostelloe@bloomberg.net


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