The White House is "seriously considering" Jerome Powell, a former Treasury Department official in the George H.W. Bush administration, to fill one of two vacancies on the seven-member Federal Reserve Board, The Wall Street Journal reported.
After he left Treasury in 1993, Powell spent eight years as a partner at private-equity firm Carlyle Group. He also worked at Bankers Trust Co.; private-equity firm the Global Environment Fund; and his own investment company. Powell, a Republican, has contributed to the campaigns of GOP contenders Mitt Romney and Jon Huntsman.
The administration has been searching for a Republican for months to in an attempt to fill the two open spots with a Republican and a Democrat. The leading candidate for the other slot, according to The Journal, is Harvard University finance economist Jeremy Stein, who served in the Obama administration in 2009 as a senior advisor to the Treasury Secretary and on the staff of the National Economic Council.