Clinton Loses A Fed Fight
FACING FIERCE OPPOSITION from GOP senators, Alicia Munnell won't get a seat on the Federal Reserve Board. On June 28, President Clinton nominated the economist and Treasury official as the third member of his Council of Economic Advisers. That same day, he promoted CEA member Joseph Stiglitz to chairman. Conservative senators had attacked Munnell, 52, the leading candidate for the seat, for her studies on mortgage-lending bias and proposals to tax pension funds. "It became clear that it would be impossible for her to be confirmed," says an Administration official. Now, Munnell and Stiglitz had better hope the CEA survives GOP attempts to kill it.