May 22, 2014

Fischer confirmed to Fed; McWatters awaits vote

May 22, 2014 – The Senate yesterday confirmed Stanley Fischer to a term on the Federal Reserve Board by a vote of 68-27, action that addresses the Fed's immediate need for another board member as Jeremy Stein prepares to step down.

Fischer was also nominated as Fed vice chairman but will need to wait for additional Senate action to take that post. In the meantime, he is cleared to join the board.

Stein, who met with NAFCU's board at Fed headquarters last December, is preparing to leave his post at the end of the month. With Fischer set to take a seat, the Fed should begin June with four out of seven board seats filled.

Other Fed nominees await confirmation: Jerome Powell, who is being nominated to a new board term, and Lael Brainard.

Mark McWatters, nominated to the NCUA Board, is also waiting for final Senate approval, along with two nominees to the Department of Housing and Urban Development. These nominations were reported out favorably by the Senate Banking Committee in late April.

Nani Coloretti has been nominated to be deputy secretary of HUD, and Gustavo Aguilar has been nominated to be assistant secretary of HUD.