President Obama nominated University of Michigan economics professor Kathryn M. Dominguez on Monday to serve on the Federal Reserve Board of Governors.
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Before joining the University of Michigan’s Gerald R. Ford School of Public Policy in 2004, Dominguez was a visiting academic at the London School of Economics and Political Science. In January, the president nominated Allan Landon, a former CEO at the Bank of Hawaii, to fill the other vacancy.
Dominguez must be confirmed by the Senate to serve on the board of governors. She has served on academic panels for the Federal Reserve Banks of Chicago and Cleveland.
If confirmed, Dominguez will become the second U-M faculty member to serve on the Board of Governors, following Edward Gramlich, who was a member from 1997 to 2005.
Earlier in her career, Dominguez criticized a suggestion by future Nobel Prize victor and New York Times columnist Paul Krugman that a central bank can stimulate the economy even when it has lowered its interest rate target to zero if it can “credibly promise to be irresponsible” later by stoking higher inflation.
Her expertise would be “a vital asset to the Federal Reserve as it considers how worldwide financial conditions interact with United States monetary policy and United States banking regulations”, a White House official said.
Dominguez, a Yale Ph.D, has previously taught at a number of schools and worked briefly at the Board of Governors and Congressional Budget Office in the 1980s.
Independent Community Bankers of America President Camden Fine said he hoped Senator Shelby would hold hearings in September and “move these nominations along”.
Dominguez is a professor of public policy and economics at UM.
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Crises overseas exacerbated domestic concerns such as the debt ceiling crisis and dragged on USA growth, she wrote.
