Senate Confirms Fed Member
The Senate today confirmed the nomination of Boston banker John P. LaWare to the Federal Reserve Board, an appointment that means President Reagan has filled all seven seats on the board. Members are appointed to 14-year terms, and LaWare’s term will not expire until Jan. 31, 2002.
The vote was 90 to 3 for the 60-year-old LaWare, who was praised by Republicans and Democrats alike, although Sen. William Proxmire (D-Wis.) expressed the hope that LaWare and the other Reagan appointees will exercise independence. LaWare, a banker for 35 years, has been chairman of the Shawmut Corp., a bank holding company in Boston, since 1980.
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