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