Bush Announces Board of Governors Nominees
President Bush has announced plans for three nominations to the Federal Reserve Board of Governors.
The President said he will nominate current Governor Randall Kroszner, 44, of New Jersey to a 14-year term expiring Jan. 31, 2022. Kroszner is currently filling an unexpired term ending Jan. 31, 2008.
Bush also announced plans to nominate Elizabeth Duke of Virginia and Larry Allan Klane of the District of Columbia to fill current terms on the Board of Governors. Duke is being nominated for a term expiring Jan. 31, 2012, and Klane for a term ending Jan. 31, 2010.
Nominees bring varied backgrounds
Klane, 46, is president of Capital One Financial's global financial services. Based in McLean, Va., the company is one of the nation's largest credit card issuers.
Senate confirmation is the next step
One Board term begins every two years, on Feb. 1 of even-numbered years. A member who serves a full term may not be reappointed, and a member who completes an unexpired portion of a term may be reappointed.
Helping to shape monetary policy
The Board of Governors also regularly reports to Congress, giving an annual report on operations and semiannual reports on the state of the economy and the Fed's objectives for the growth of money and credit.
June 6, 2007