Obama’s Possible Fed Picks Would Expand Ranks of PhD Economists

President Barack Obama will probably nominate two PhD economists with expertise in finance to serve as governors on the Federal Reserve Board, according to a person familiar with the matter.

The president’s choices are Jeremy Stein, a Harvard University professor who specializes in banking and finance, and Richard Clarida, an executive vice president at Pacific Investment Management Co., said the person, who spoke on condition of anonymity because the selections haven’t been announced.