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March 30, 2012

Obama's Fed Picks Fail to Win Senate Approval

The U.S. Senate on Thursday approved dozens of Obama administration appointees, including top financial-industry regulators at three federal agencies.

But lawmakers failed to reach agreement on two outstanding nominees to the Federal Reserve Board, leaving the nominations of Jerome Powell, a former private-equity executive, and Jeremy Stein, a Harvard University economics professor, for a later date.

The Senate, in voice votes, confirmed three nominees to the Federal Deposit Insurance Corp.’s board. They are Martin Gruenberg as chairman, Thomas Hoenig as vice chairman and Jeremiah Norton as a director. Mr. Gruenberg has sat on the FDIC’s board since 2005. It also confirmed Thomas Curry as Comptroller of the Currency, heading the U.S. Treasury agency that regulates the country’s largest banks. Mr. Curry will also sit on the FDIC’s board.

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