Fed Names Head of International Finance Unit

Snip ~ Mr. Kamin's appointment follows a number of retirements and departures by top Fed economists, some of whom were burnt out from fighting the financial crisis ...

December 8, 2011

Fed Names Head of International Finance Unit

The Federal Reserve Thursday appointed Steven Kamin director of its international finance division, a key post amid rising concerns over the effect of Europe's debt crisis on the U.S. economy.

Mr. Kamin has effectively been serving as the Fed's chief international adviser since August, when he was named acting director following the departure of Nathan Sheets, who led the division throughout the financial crisis. His appointment completes the new lineup of top Fed staffers after two years of internal overhaul at the central bank.

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"Steve's deep understanding of international economic and financial matters make him uniquely qualified to lead the division during this pivotal time for the global economy," Federal Reserve Chairman Ben Bernanke said in a statement.

Mr. Kamin, 54 years old, will represent the Fed at international meetings and in its contacts with foreign central banks. He helped coordinate last week's joint action by major central banks to provide cheap, emergency U.S. dollar loans to banks in Europe and elsewhere.

American officials are monitoring a meeting of European leaders in Brussels Friday that has been billed as a last-ditch effort to save the region's currency union.

U.S. Treasury Secretary Tim Geithner this week traveled to Europe to meet with key officials including European Central Bank President Mario Draghi. The ECB Thursday cut its key interest rate to 1% and unveiled steps to bolster banks.

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