May 17, 2012


WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the Senate confirmation of Jay Powell and Jeremy Stein to be governors of the Federal Reserve Board.
“By coming together to confirm these two well-qualified individuals, we have ensured the nation has a Federal Reserve Board operating at full strength, with strong leaders working to solidify our economic recovery and help prevent another financial crisis,” said Chairman Johnson.  “The Federal Reserve Board has important responsibilities for the nation’s economy, from setting monetary policy to supervising some of our largest and most complex financial institutions. Jay Powell and Jeremy Stein are ready to get to work, and I’m glad that my Senate colleagues set party politics aside and approved these individuals with strong bipartisan support.”
Since Senator Johnson was named Chairman of the Senate Banking Committee last year the Committee has favorably reported out and cleared 35 nominations, with the full Senate confirming 29 of those nominations.