Shawmut Chief LaWare OKd for Fed Board
The Senate has confirmed the nomination of Boston bank executive John P. LaWare as a member of the Federal Reserve Board. The 90-3 vote approving LaWare’s selection means that all seven seats on the board will be held by President Reagan’s appointees.
Earlier this year, Sen. William Proxmire (D-Wis.), chairman of the Banking Committee, hinted that he might try to delay LaWare’s confirmation hearings so that the vacancy could be filled by the next administration. His panel eventually approved LaWare’s nomination.
On Thursday, Proxmire praised LaWare, 60, as “very, very well-qualified.”
Senators who opposed LaWare’s confirmation were Democrats Kent Conrad of North Dakota, Albert Gore Jr. and Jim Sasser of Tennessee.
Reserve board members are appointed to 14-year terms, and LaWare’s term will not expire until Jan. 31, 2002. The job pays $82,500 annually.
LaWare, a banker for 35 years, has been chairman and chief executive of Shawmut Corp., a bank holding company in Boston, since 1980. LaWare has agreed to sever all financial connections with the bank before joining the Fed.
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