White House Identifies Two Economists for Fed Boar: The Obama administration has narrowed its search for candidates for two empty seats on the seven-member Federal Reserve Board to a pair of economists, one Democrat and one Republican…. Jeremy Stein… and Richard Clarida…. Mr. Stein did a stint in the White House at the beginning of Barack Obama's presidency. Mr. Clarida was a Treasury official in the early years of the George W. Bush administration.
The administration coalesced around the names a few months ago, hoping that pairing a Republican with a Democrat would smooth the way for Senate confirmation. But the White House has yet to formally nominate either and could change course depending on the political environment and the men's circumstances…
If they decided "coalesced around" Jeremy and Richard months ago, why didn't they nominate Jeremy and Richard months ago? Why are they saying that they "could change course"?
It's not as though they have been first off the mark in staffing up the Fed so far, and can take a break. Both would be very good voices on the FOMC. And both would have been very good voices on the FOMC three months ago. Or six months ago.