BREAKING NEWS

US Senate expected to confirm two Fed nominees

By REUTERS

MAY 17, 2012 06:23

WASHINGTON - The US Senate has removed procedural hurdles ahead of the anticipated confirmation on Thursday of President Barack Obama's two stalled nominees to the Federal Reserve Board.

A Democratic congressional aide said the Senate would now hold separate votes on Harvard economist Jeremy Stein and investment banker Jerome Powell, who is also a lawyer.

Both are expected to receive the necessary support of 60 senators for confirmation, bringing the seven-member board of the US central bank to full strength for the first time since 2006.

"Both nominees have strong bipartisan support and are expected to pass," the aide said.

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