Obama picks University of Michigan economist Kathryn Dominguez for Fed Board

President Barack Obama has chosen Kathryn Dominguez, an economist at the University of Michigan, to join the Federal Reserve Board of Governors, the White House said on Monday.

Dominguez, who is also a research associate at the National Bureau of Economic Research, has a background in foreign exchange rates, emerging markets, and international borrowing, the White House said.

"Dr. Dominguez has the proven experience, judgment, and deep knowledge of the financial system, monetary policy, and international capital markets to serve at the Federal Reserve during this important time for our economy," Obama said in a statement.

"She brings decades of leadership and expertise from various roles, particularly from her years as a leading economist and academic. I am grateful she has chosen to take on this important role, and I look forward to working with her," he also said.

Dominguez has served as a research consultant at the World Bank, International Monetary Fund, and Bank for International Settlements.

Her expertise would be "a vital asset to the Federal Reserve as it considers how international financial conditions interact with U.S. monetary policy and U.S. banking regulations," a White House official said.

"This expertise will bolster the Fed's ability to appropriately respond to complex international systems and provide unique expertise in analyzing economic metrics and devising mechanisms to stabilize global markets," the official said.

(Reporting by Jeff Mason; Editing by Sandra Maler and Lisa Lambert)