President Barack Obama announced his nomination of School of Public Policy and economics professor Kathryn M. Dominguez to serve on the Federal Reserve Board Monday afternoon.
In his announcement, Obama said Dominguez’s expertise with foreign exchange policy would prove beneficial in addressing issues within the global market.
“Dr. Dominguez has the proven experience, judgment, and deep knowledge of the financial system, monetary policy, and international capital markets to serve at the Federal Reserve during this important time for our economy,” he said.
If confirmed by the U.S. Senate, Dominguez will become the second faculty member of both the Ford School and Department of Economics to serve on the Board of Governors. Former Public Policy and economics professor Edward Gramlich served on the board from 1997 to 2005 and also chaired the Committee on Consumer and Community Affairs.
In a statement, University President Mark Schlissel lauded Dominguez for her reputation and expertise in global finances.
“Professor Dominguez is a renowned scholar and teacher with a well-deserved reputation as one of the world’s leading experts on global financial markets,” Schlissel said. “I am pleased and proud that she’s been invited to join the nation’s top monetary policymaking body. Kathryn joins a long tradition of University of Michigan faculty lending their expertise at the highest levels of service in Washington, D.C., shaping public policy and strengthening communities.”
Dominguez received her PhD in economics from Yale University in 1987. Prior to becoming a professor at the University, she served on research staff of the Congressional Budget Office in Washington D.C. She also worked as a research consultant for the Federal Reserve System, International Monetary Fund, World Bank and Bank for International Settlements.
Dominguez has also authored articles and one book parsing foreign exchange rate behavior and international financial markets.
In addition to teaching economics and Public Policy courses at the University, Dominguez also serves as a research associate at both the National Bureau of Economic Research and the Federal Reserve Bank of San Francisco.