Harvard’s Jeremy C. Stein sworn in to Fed board
Harvard University economist Jeremy C. Stein, an advocate for tougher financial reform, was sworn in as a member of the Board of Governors of the Federal Reserve System Wednesday in Washington.
The oath of office was administered by Chairman Ben S. Bernanke.
Stein, who supported government intervention that helped US banks survive the financial crisis but later criticized aspects of the bailout, was nominated to serve on the board by President Obama in December. His nomination was confirmed by the Senate on May 17 after JPMorgan’s multibillion dollar trading losses revived memories of the crash.
Stein has taught at Harvard since 2000 and in a recent interview, said he would commute to Washington and retain his residence in Lexington, where he lives with his family. His successful nomination follows a failed effort by Obama to name Peter A. Diamond to the board. Diamond, a Massachusetts Institute of Technology economist and Nobel Prize recipient, withdrew his name after attacks on his qualifications by Senate Republicans who blocked his nomination.
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