NEW YORK - Jay Powell and Jeremy Stein were confirmed by the Senate to become members of the Board of Governors of the Federal Reserve System.

The Senate voted 70-24 to confirm Harvard economist Jeremy Stein and 74-21 to confirm investment banker Jerome Powell.

The confirmations fill the board for the first time since 2006.

Stein, a Harvard economist who holds a doctorate in economics from the Massachusetts Institute of Technology, briefly was a senior adviser to Treasury Secretary Timothy Geithner and spent time as a staff member of President Obama's National Economic Council.

Powell is a lawyer with Wall Street experience. He worked at Bankers Trust, the Carlyle Group and Dillon Read and served as a Treasury undersecretary under President George H. W. Bush.

Serving the remainder of unfinished 14-year terms, Powell's post goes until Jan. 31, 2014, and Stein's through Jan. 31, 2018.

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