ECONOMY

Senate Approves Stein to Fed Board

By Stacy Kaper and

Updated: May 17, 2012 | 12:45 p.m.
May 17, 2012 | 12:29 p.m.

FILE - In this March 27, 2009 file photo,the Federal Reserve Building on Constitution Avenue in Washington is seen in Washington. (AP Photo/J. Scott Applewhite)

The Senate confirmed the first of President Obama’s two nominees to serve on the Federal Reserve Board of Governors in a 70-24 vote on Thursday.

The confirmation of Harvard economist Jeremy Stein to serve on the board hands Obama a subtle victory in an election year during which the fate of his nominees has frequently appeared in doubt.

Stein, a Democrat, was nominated alongside Jerome Powell, a Republican, in an attempt to speed their confirmations. Powell will be considered in a separate vote on Thursday and he is also expected to receive the 60 votes necessary for confirmation. The Senate broke the logjam on Tuesday.

Stein previously served in the Obama administration in the Treasury Department and at the National Economic Council.

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