Fed restocks as governors sworn in

The Federal Reserve welcomed three governors to its depleted Federal Reserve Board Monday.

Stanley Fischer was sworn in to serve as the Fed’s vice chair, Lael Brainard joined the Fed as a new governor, and Jerome Powell was sworn in for his second term on Monday by Fed Chairwoman Janet Yellen. The three were confirmed by the Senate earlier this month.

{mosads}The three join the Fed just before the central bank is set to meet Tuesday and Wednesday to set the trajectory of the nation’s monetary policy. The central bank is currently in the process of slowly winding down its third round of monthly bond purchases known as “quantitative easing,” as Yellen and others believe the U.S. economy is strong enough to withstand the removal of that support.

With Fischer and Brainard now on board at the Fed, the central bank has two open spots remaining on its board. The president has yet to nominate two people to fill those spots.

After the Fed releases its updated policy statement on Wednesday, Yellen will discuss the Fed’s plans during a press conference.