FOR IMMEDIATE RELEASE:

CONTACT: Jesse Jacobs - 202-224-4524
Wednesday, July 31, 2002

Craig Davis - 202-224-7391


BANKING COMMITTEE APPROVES TWO NOMINEES FOR
FEDERAL RESERVE BOARD OF GOVERNORS

NOMINEES NOW GO BEFORE FULL SENATE

Senator Paul S. Sarbanes (D-MD), Chairman of the Banking, Housing, and Urban Affairs Committee, announced that the Committee has approved and sent to the full Senate two nominations for the Federal Reserve Board of Governors.

The vote was 20-1 with Senator Jim Bunning (R-KY) casting the sole "no" vote.

The Banking Committee approved the following nominations:

  • Mr. Ben S. Bernanke, of New Jersey, to be a Member of the Board of Governors of the Federal Reserve System for the unexpired term of fourteen years from February 1, 1990; and


  • Mr. Donald L. Kohn, of Virginia, to be a member of the Board of Governors of the Federal Reserve System for a term of fourteen years from February 1, 2002.

    • Sarbanes indicated that he would seek to have them approved by the full Senate before the August recess.

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