However, Powells financial industry background may also be a source of criticism from analysts who already see the U.S. 117-81-7 central bank as being too cozy with Wall Street. 13463-67-7

Powell is currently a visiting scholar at the Bipartisan Policy Center in Washington, focused on federal and state fiscal issues. He was not immediately available to comment. Both Stein and Powell had already been flagged in various press reports as likely nominees.

In response to a deep recession and financial crisis, the Fed slashed interest rates to near zero and sharply expanded its balance sheet to $2.8 trillion to keep the economy afloat. Some analysts worry the Feds asset purchases could make it harder for the central bank to tighten monetary policy when it decides the time is right.

If Powell and Stein are confirmed, it would be the first time since April 2006 that all seven seats on the Feds board are filled. The term currently filled by Elizabeth Duke, the last remaining George W. Bush appointee on the board, is to expire at the end of January, though governors can choose to stay in office until a successor is confirmed.

Senate Banking Committee Chairman Tim Johnson, a Democrat, welcomed the most recent nominations.

With the fragile state of the U.S. economy and a looming European debt crisis, 6358-85-6 Chairman Johnson believes it is imperative that our financial regulators operate at full strength, his office said in a statement. Chairman Johnson is committed to moving these nominations though the Banking Committee in a timely manner and is looking to schedule a hearing soon.

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