Senate Banking Committee approves nominations to Fed, HUD, NCUA

170px-Seal_of_the_United_States_Senate.svgThe Senate Banking Committee voted on Monday to approve several nominations to the Federal Reserve Board of Governors, Department of Housing and Urban Development (HUD) and the National Credit Union Administration (NCUA).

Stanley Fischer, Jerome Powell and Lael Brainard were approved by the committee to serve as members of the Fed board. Fischer was also approved to serve as the vice chairman of the Fed board.

“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,” Committee Chairman Tim Johnson (D-S.D.) said. “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.”

In addition to the Fed nominees, the committee approved by voice vote the nomination of Nani Coloretti to serve as the deputy HUD secretary and the nomination of Gustavo Aguilar to serve as the assistant secretary of HUD.

The committee also voted to approve the nomination of Mark McWatters to the NCUA board. McWatters was nominated by President Obama for a five-year term to succeed Michael Fryzel, whose term expired last year.

“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,” Johnson said. “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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