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The ‘Dodd Rule’ on Nominations

topsynturvy Wrote: Apr 02, 2012 9:15 AM
If the Dodd rule was applied at the end of Bush's presidency, it should be applied now. To change now gives obama an unfair advantage, especially given his non recess, recess appointments.

Obama’s recent nomination of Jeremy Stein and Jerome Powell to the Board of Governors of the Federal Reserve System raises an important question: How should the Senate treat nominations whose terms are likely to run beyond the term of the current president? If confirmed, Stein could serve until 2018 and Powell until 2014. Of course this pales in comparison to current governor Janet Yellen, whose term runs until 2024.  With or without Stein and Powell, Obama nominations will have control of the Federal Reserve for years to come.

The long terms of Federal Reserve governors are meant to insulate them from...