Obama Selects Tarullo for Open Fed Seat

President-elect Barack Obama nominated Georgetown University Law Professor and former Clinton administration official Daniel Tarullo to an open seat on the Federal Reserve’s Board of Governors Thursday morning at a Chicago news conference. “I will ensure our regulatory agencies are led by people who are ready and willing to enforce the law,” Obama said Thursday morning, according to a Bloomberg report, as one of his top priorities will be to “crack down on the culture of greed and scheming that’s led us to this day of reckoning.” Tarullo, 57, was a top economic advisor to President Bill Clinton on international economic matters. Tarullo has taught international regulation at Georgetown for the past eight years and most recently served as an advisor to the Obama campaign. All of the current board members, including chairman Ben Bernanke, were picked by President George W. Bush.  Alongside the current board members, Tarullo will play a key role in determining policies that will be used to mend the ever-ailing economy. Thursday morning, Obama also named Mary Schapiro, chief executive of a securities-industry regulator for securities firms, to lead the Securities and Exchange Commission, and Gary Gensler, a former U.S. Treasury undersecretary, as chairman of the Commodity Futures Trading Commission. Write to Kelly Curran at [email protected]