The nominees are Jerome H. (Jay) Powell, a former Treasury official from the George H.W. Bush administration; and Jeremy C. Stein, an economics professor at Harvard University.

President Obama nominated a former Treasury official from the George H.W. Bush administration and a Harvard economist to fill two vacancies on the Federal Reserve Board of Governors.

The nominees, Jerome H. (Jay) Powell and Jeremy C. Stein, would serve 14-year terms on the board if they are confirmed by the Senate.

“I am grateful that these individuals have agreed to serve their nation at this important time for our economy,” Obama said Tuesday. “Their distinguished backgrounds and experience coupled with their impressive knowledge of economic and monetary policy make them tremendously qualified to serve in these important roles.”

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