Obama's Fed Pick Says She Will Take an Unpaid Leave from Michigan Job

By David Harrison 

        Kathryn Dominguez, President Barack Obama's pick for a seat on the Federal Reserve Board of Governors, said that if confirmed she plans to take an unpaid leave of absence from her job as a professor at the University of Michigan during her time at the central bank.
        Ms. Dominguez, an economist, said she would maintain her office and her access to the university's email system and its library.
        In a financial disclosure report made public by the U.S. Office of Government Ethics, Ms. Dominguez said she earned $273,937.75 between January 2014 and May 2015 from her job at the university, where she has worked since 1997.
        Ms. Dominguez, 54 years old, also said she would resign from a position with the National Bureau of Economic Research. She listed $5,800 in honoraria from NBER, the International Monetary Fund and Western Michigan University during that period.
        Ms. Dominguez's financial disclosure form also lists assets in retirement portfolios from TIAA-CREF, mutual funds, individual retirement accounts, money-market accounts as well as income from a life-insurance annuity. She lists stocks in several major companies such as Chevron Corp. and General Electric Co.
        In a letter accompanying her report, Ms. Dominguez said she would divest herself of interests in FNB Corp., FirstMerit Corp. and General Electric if confirmed for the Fed job by the Senate.
        She said in the disclosure form that she owes between $50,001 and $100,000 on a mortgage incurred in 2003, which she expects will be paid off in 15 years. And her husband owes between $50,001 and $100,000 on a promissory note issued by the University of Michigan at a 0.64% interest rate that she said would be paid off in six years. The disclosure forms list assets by ranges rather than by exact amounts.
        Her letter said she wouldn't have any dealings with clients that her husband consults for unless authorized. Her husband is also employed by the University of Michigan.
        Ms. Dominguez also said she would recuse herself from matters involving Routledge, publisher of her book "Exchange Rate Efficiency and the Behavior of International Asset Markets."
        Mr. Obama nominated Ms. Dominguez in July. Another nominee for another board seat, Allan Landon, was nominated in January. The nominations are subject to Senate confirmation, but Sen. Richard Shelby (R., Ala.), chairman of the Senate Banking Committee, hasn't scheduled confirmation hearings.
        Mr. Shelby suggested last week he may hold up the two Fed nominations because the White House hasn't nominated someone to fill another central-bank position, the vice chairman of supervision.
        Write to David Harrison at david.harrison@wsj.com
        (END) Dow Jones Newswires
        August 04, 2015 17:05 ET (21:05 GMT)

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