2014-04-23T220606Z_1_CBREA3M1PER00_RTROPTP_2_USA-FED

Exclusive: White House considers former banking lawyer for Fed board – sources

The facade of the U.S. Federal Reserve building is reflected on wet marble during the early morning hours in WashingtonBy Jonathan Spicer and Emily Stephenson NEW YORK/WASHINGTON (Reuters) – A former lawyer with the American Bankers Association is being considered by the White House as a possible nominee to the board of the Federal Reserve, according to sources familiar with the efforts The lawyer’s name emerged as the White House weighs candidates with community banking backgrounds to fill gaps on the Federal Reserve’s powerful but depleted board, the sources said. People familiar with the White House’s process said administration officials may fill one of the remaining openings with someone with banking experience, as opposed to an economist. Two sources said the administration is considering Diana Preston, a lawyer who recently left a post at the American Bankers Association, which represents many small banks.

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