President Barack Obama wants to move quickly to fill vacancies on the Federal Reserve Board, but has made no decision yet and will not be announcing appointments this week, White House officials said on Tuesday.
Fed Vice Chairman Donald Kohn announced on Monday he will retire in June. His departure means Obama has three seats to fill on the Federal Reserve’s seven-member board.
“Obviously they are readying those appointments and going through names. I don’t have a timeline on when those would come yet,” White House spokesman Robert Gibbs said, adding the White House was well aware of the importance of filling the seats.
“We’re very cognizant, obviously, of the vacancies and want to … get those filled quickly,” he told reporters.
Obama’s selections could influence how quickly the Fed raises interest rates and how aggressively it takes on its post-crisis regulatory responsibilities.
Gibbs indicated there might be more information about the process later in the week. The White House has said previously it would nominate Kohn’s replacement in time for confirmation before his term ends on June 23.
A senior administration official said on Tuesday that the president would not announce names this week, however.
“The president has not made any decisions and no offers have been made to fill the vacancies at the Fed,” the official said.
The president’s nominees will require confirmation by the U.S. Senate.
Kohn’s departure gives Obama the opportunity to put his stamp on the U.S. central bank, filling a top slot in addition to two long-vacant governor positions.
Obama, a Democrat, renominated Ben Bernanke as Fed chairman in August, and the Senate approved his nomination in January to a second term, despite a series of contentious hearings.
Republican President George W. Bush named Bernanke to succeed Alan Greenspan as Fed chairman in 2006. Commercial Loan Workout.
Tags: barack obama, fed, Federal Reserve, us bank central, white house
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