The Senate late Wednesday confirmed Janet Yellen and Sarah Bloom Raskin as members of the Federal Reserve Board, leaving only one vacancy on the seven-member panel.
Both will be involved in the Fed's effort to merge TILA and RESPA disclosure forms.
Yellen is leaving her post as president at the San Francisco Federal Reserve Bank to become vice-chairman of the Federal Reserve Board.
Raskin has served as Maryland's commissioner of financial regulation for the past three years. Previously, she was managing director at the consulting firm Promontory Financial Group. The new Fed governor also has worked at the Senate Banking Committee, and at the New York Federal Reserve Bank.
The Senate did not confirm Peter Diamond, a Massachusetts Institute of Technology professor, who is President Obama's third nominee to the board. Some GOP senators oppose his confirmation.
This summer at a banking committee meeting, Sen. Richard Shelby, R-Ala., and six other Republicans voted against recommending the nominee's confirmation to the full Senate.
Shelby said professor Diamond is a "skilled economist" with expertise on tax policy and the Social Security system, but he lacks monetary policy experience. "I do not believe he is ready to a member of the Federal Reserve Board."
