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A voice vote in the Senate approved Professor Randall Kroszner for a seat on the Federal Reserve Board of Governors. Approval came quickly after the Senate Banking Committee confirmed Kroszner and another nominee for the Fed. Their selection along with the installation of Ben Bernanke as the new chairman of the Federal Reserve on February 15, brings the seven-member board of governors back to full strength.
During his testimony before the Senate Committee, Bloomberg News reported that Kroszner and fellow nominee Kevin Warsh believed “ controlling inflation was the best way to keep the United States economy growing.” The GSB economist pointed out that steady prices are "crucial to achieving maximum employment and overall economic stability."
The first order of business for Kroszner will be a March 28 meeting of the Federal Open Market Committee that votes on changes to interest rates. At the Washington meeting, the fully-constituted board of governors will gather along with the 12 regional bank presidents in the reserve system.
A copy of Randall Kroszner’s statement to the Senate Banking Committee is available online. You can also view video of his Senate testimony.