- - Tuesday, December 27, 2011


Obama goes bipartisan in Fed board picks

HONOLULU — A vacationing President Obama has nominated a Democratic Harvard University professor and a former Treasury official under Republican President George H.W. Bush to the Federal Reserve Board.

In a statement from Hawaii, Mr. Obama praised Jeremy Stein and Jerome Powell for agreeing to serve his administration at a critical moment for the U.S. economy.

“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,” he said.

Mr. Stein is an economics professor at Harvard, where he teaches finance.

Mr. Powell, a visiting scholar at the Washington-based Bipartisan Policy Center, was undersecretary of finance at the Treasury Department under Mr. Bush.

In nominating both a Democrat and a Republican to the seven-member Fed board, Mr. Obama could be trying to head off a confirmation fight in the Senate.


Gov. Walker taking recall effort ‘very seriously’

Wisconsin Gov. Scott Walker complained Tuesday of fraud and inconsistencies in the recall effort to evict him from the governor’s mansion next year, but said he is still taking the fight “very seriously.”

Appearing on the Fox News Channel, the first-term Republican acknowledged he could have done a better job selling his budget proposals to Wisconsin voters.

“What I probably should have done was spend more time laying the groundwork, making the case over and over again about how school districts prior to our reforms would have to pay tens of millions of dollars more for things like their health insurance,” he said.

“You have examples of people abusing overtime, like the bus driver in Madison who’s making $150,000 or more per year. Those sorts of excesses and abuses are things that we tried to fix, but we didn’t lay the groundwork for it. So when we did it, the national big-government union bosses came out and spent literally millions of dollars attacking us.”


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