Bush nominates Mishkin to the Fed

President Bush is pressing a deeper imprint on the Federal Reserve Board, the largely secretive institution that sets America's monetary policy.

Bush on Friday nominated Frederic Mishkin, currently the Alfred Lerner Professor of Banking and Financial Institutions at Columbia University's Graduate School of Business, to serve there. Mishkin also has been a professor at the University of Chicago, Northwestern University and Princeton University.

He received his bachelor's degree and his Ph.d from the Massachusetts Institute of Technology.

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The Fed determines the course of interest rates, which affect investors large and small. It also is responsible for making sure the nation's financial system remains safe and sound.

The board increasingly has the Bush look.

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He chose Ben Bernanke, who became the Fed chairman on Feb. 1, replacing Alan Greenspan, and Bush has either appointed or reappointed each of the people on the Fed's board.

The president will have another chance to make his mark. Fed member Mark Olson's last day on the job was Friday. Olson, who has served on the Fed since early December 2001, has been named chairman of the independent board overseeing the accounting industry that arose from the 2002 corporate scandals.