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2 bankers nominated to Fed seats

Wall Street Roundup

May 16, 2007|From Times Staff and Wire Reports

President Bush on Tuesday announced two nominations to the Federal Reserve Board, allowing him to deepen his imprint on the institution.

Bush nominated bankers Larry Klane and Elizabeth Duke to vacant seats on the seven-member panel.

The president has appointed all of the current members on the Federal Reserve's board, including Chairman Ben S. Bernanke, who succeeded Alan Greenspan in February 2006.

The nominations are subject to Senate approval.

Klane is president of global financial services at Capital One Financial Corp., based in McLean, Va. Duke is chief operating officer of TowneBank, based in Portsmouth, Va.

The president also said he intended to appoint Fed Gov. Randall Kroszner to a full 14-year term on the Fed board. Kroszner has been with the Fed since March 2006. Before that, he was an economics professor at the University of Chicago.

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