April 03, 2014

Fed Gov. Stein steps down May 28

April 4, 2014 – Federal Reserve Board Gov. Jeremy Stein submitted his resignation Thursday and will leave the Fed May 28, which could create pressure for congressional action sooner rather than later to fill two current Fed vacancies.

Stein, on the Fed Board since May 2012, hosted NAFCU's board of directors during a meeting Dec. 4 at Fed headquarters in Washington. He submitted his letter of resignation to the president Thursday and said he plans to return to his teaching position at Harvard University.

The president has nominated three individuals to the Fed Board, including Stanley Fischer (also nominated to be the Fed's vice chairman) and Lael Brainard. Jerome Powell, whose term on the Fed Board ended Jan. 31, is still on the board and has been nominated to a new term.

NCUA Board nominee Mark McWatters testified alongside these three during a March 13 confirmation hearing by the Senate Banking Committee. That hearing also included testimony from Gustavo Velasquez Aguilar, nominated as an assistant secretary for the Department of Housing and Urban Development.

Next Tuesday, the committee will hold a hearing on the nomination of Nani Coloretti to be HUD's deputy secretary.