The White House has announced plans to nominate two former Treasury Department officials to the Federal Reserve. Jeremy Stein, a Democrat, is a Harvard University professor who has served on the White House National Economic Council and as an adviser to Treasury Secretary Timothy Geithner. Meanwhile, Jerome “Jay” Powell, a Republican, is a former financial executive who worked under George H. W. Bush. He spent nearly a decade with the private equity firm, the Carlyle Group, and worked as a lawyer and investment banker on Wall Street.