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BANKING COMMITTEE CONFIRMS KEY NOMINEES

April 29, 2014

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement on the Committee’s approval of several key nominations. The Committee approved the nominations of Dr. Stanley Fischer, to be a Member and Vice Chairman of the Board of Governors of the Federal Reserve System by voice vote; The Honorable Jerome H. Powell, to be a Member of the Board of Governors of the Federal Reserve System by voice vote; The Honorable Lael Brainard, to be a Member of the Board of Governors of the Federal Reserve System by voice vote; Ms. Nani Coloretti, to be Deputy Secretary of the U.S. Department of Housing and Urban Development by voice vote; Mr. Gustavo Velasquez Aguilar, to be an Assistant Secretary of the U.S. Department of Housing and Urban Development by a vote of 13-9; and Mr. J. Mark McWatters, of Texas, to be a Member of the National Credit Union Administration Board by voice vote.

“The Federal Reserve Board has a multitude of important tasks at hand including establishing monetary policy to grow our economy and improve employment, and implementing policies to ensure stability in the financial system, so it is essential that we act quickly on these qualified nominees. Dr. Fischer, Mr. Powell and Dr. Brainard, approved by the Committee today, are all extremely capable and I am confident they will serve the Fed well.

“Ms. Coloretti has the understanding and experience necessary to serve as the Deputy Secretary of U.S. Department of Housing and Urban Development. This post oversees the budget for HUD’s programs that provide affordable rental housing and community development opportunities, and her extensive public service experience will help her as she seeks to better the lives of folks across the country.

“For six years, Mr. Velasquez served as the Directory of the District of Columbia Office of Human Rights. That experience will bring the knowledge needed to serve as the Assistant Secretary of the U.S. Departnent of Housing and Urban Development for Fair Housing and Equal Opportunity. I know that he will help ensure that all Americans have equal access to housing.

“As a member of the National Credit Union Administration, I believe Mr. McWatters will hit the ground running with an enthusiasm to help these important community financial institutions. I am pleased that these six nominations were voted favorably out of the Committee, and it is my hope that the full Senate will follow suit in a timely matter.”

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