It's probably not a coincidence that less than a week after a Federal Open Market Committee meeting ended with three members dissenting, the Obama administration finally began floating some new nominees for the Board of Governors at the central bank.
The three dissenting FOMC members, Richard Fisher, Narayana Kocherlakota and Charles Plosser took issue with the Fed's decision to pledge lower rates through mid-2013, and could oppose future initiatives to stimulate the economy such as the creation of new monetary-easing programs similar to QE2.
To cement its odds of getting the monetary policy it wants at the Fed, the Obama administration is considering two new nominees for the Fed, Jeremy Stein of Harvard and Richard Clarida of Columbia University and bond giant Pimco. Here's a brief profile on both from Neil Irwin of the Washington Post:
Stein, 50, has a doctorate from MIT and has been at Harvard since 2005. His recent academic research has focused on bank capital requirements and financial regulation. He is a member of the Squam Lake Group, a bipartisan group of economists that has offered proposals on reforming the financial system.
Clarida, 54, a Harvard PhD who has been at Columbia since 1988, has published extensively on monetary policy and consulted with many of the world’s central banks. He was assistant secretary for economic policy at the Treasury Department in 2002-03 and also served a year on the White House Council of Economic Advisers staff during the Reagan administration.
What do you think? Do you favor more monetary easing? Do Clarida and Stein fit your idea of good candidates for a spot on the Federal Reserve Board?