Fed's Waller, Bowman abstained from support for Goolsbee: report

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 17 (Reuters) - Chicago Federal Reserve Bank's new president Austan Goolsbee, a former President Barack Obama advisor, got the job without the support of two of the Fed's seven governors, suggesting some wariness on his selection, Bloomberg News reported on Friday.


Fed governors Christopher Waller and Michelle Bowman, both appointees of former President Donald Trump, abstained from the vote on Goolsbee's hiring, Bloomberg News said, citing a record of the vote obtained through a public documents request. Fed Chair Powell, appointed for his first term by Obama and for his second term by Trump, supported the pick, along with the other governors.


Fed presidents are picked by their own boards and not the U.S. president, but the choice is subject to the approval of Fed governors, and candidates typically meet with Fed Board members prior to their vote.


Goolsbee started his job in December. Wall Street Journal reported earlier this week that President Joe Biden is considering him to succeed Fed Vice Chair Lael Brainard, who leaves the central bank next week for a job at the White House. (Reporting by Ann Saphir Editing by Chizu Nomiyama)

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