3 Fed nominees signal support for current policy

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WASHINGTON (AP) — Three nominees for the Federal Reserve’s board are expressing their support for the Fed’s efforts to bolster the U.S. economy. Their comments suggest that the Fed’s low-interest-rate policies will continue if they win confirmation.

Stanley Fischer, who has been nominated to be vice chairman of the board; Lael Brainard, a former Treasury undersecretary; and Jerome Powell, a current board member who has been nominated for another term, all endorsed the Fed’s current policy stance under Chair Janet Yellen.

Senate Banking Committee Chairman Tim Johnson, D-S.D., says he supports the three nominees and hopes the full Senate quickly confirms them to fill vacancies on the Fed’s seven-member board.

The three were nominated by President Barack Obama in January. Yellen took over as Fed chair on Feb. 3, succeeding Ben Bernanke.

Associated Press

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