Bies, who is currently in charge of risk management at First Tennessee National Corp, a large regional bank holding company, was once an economist at the Fed’s regional bank in St Louis.
President Bush needs to fill five of the seven seats on the board, two of which have been vacant for over two years, and has already nominated Fed Vice Chairman Roger Ferguson, originally appointed during the Clinton administration, to a full 14-year term.
Board member, Edward Kelley Jr, recently announced his plans to step down as soon as a replacement can be found. Laurence Meyer, whose term expires early next year, has said that he will not seek reappointment.
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