Randall Kroszner was sworn in Wednesday as the newest governor of the Federal Reserve, where he'll have a voice in setting interest rates and financial policy in the United States.

Kroszner, 43, was an economics professor at the University of Chicago's school of business before joining the central bank, which is going through a period of transition with a new chairman as well as two new members.

Last week, the Fed's other new member— Kevin Warsh— was sworn in.

President Bush has either appointed, or reappointed, each of the people on the Fed's seven-member board.

Bush will get yet another chance to put his stamp on the Fed.

Last week, the Fed's No. 2 official, Roger Ferguson, announced that he will leave April 28 after eight years at the central bank. Ferguson was appointed by President Clinton and reappointed by Bush.

On Wednesday, Fed Chairman Ben Bernanke administered the oath of office to Kroszner.

The Fed determines the course of interest rates, which affects investors large and small. It also is responsible for making sure the nation's financial system remains safe and sound.

Both Kroszner and Warsh, 35, who previously had served as an economic assistant to Bush at the White House, are expected to participate in the Fed's next meeting to consider interest rate policy on March 27-28.

That session will be the first presided over by Bernanke, who took the helm on Feb. 1, following the retirement of Alan Greenspan.