WASHINGTON (AP) — 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."

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.