Obama nominates economist Kathryn Dominguez to Federal Reserve board of governors

President Barack Obama is nominating economist Kathryn Dominguez to serve on the Federal Reserve's board of governors.

In a statement, Obama says Dominguez's deep knowledge of the financial system, monetary policy and international markets qualifies her to serve at "this important time for our economy."

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The White House says Dominguez's expertise will be particularly important as the Fed considers how international financial conditions interact with U.S. monetary policy and banking regulations.

Dominguez is currently a professor at the University of Michigan. She's a graduate of Vassar College and holds a Ph.D. in economics from Yale University.

Dominguez must be confirmed by the Senate to serve her 14-year term on the board of governors.