SF Fed’s Janet Yellen contender for Federal Reserve’s vice chair

March 12, 2010 by · Leave a Comment
Filed under: Industry News 

This is most likely the best choice available to the Fed.  Janet Yellen is a known quantity and should do a good job at the Vice Chairmanship.  Ms. Yellen will have a huge job ahead of her, we have a massive amount of liquidity in the U.S. banking sector that will need to be withdrawn or we will see inflation on the rise when all that cash goes into some asset class.

Reuters, Washington D.C. – San Francisco Federal Reserve Bank President Janet Yellen is a leading contender to be nominated by President Barack Obama as vice chair of the central bank, a senior administration official said on Friday.

Sarah Raskin, the top banking regulator for the state of Maryland, and Peter Diamond, a Massachusetts Institute of Technology economist, are also under consideration for Fed board vacancies, the official said.

Yellen would replace Donald Kohn, a 40-year veteran of the Fed who announced earlier this month that he would retire on June 23. The nomination for the four-year term as the Fed’s No. 2 would be subject to Senate approval.

A separate source familiar with the process said on Thursday Obama plans to nominate Yellen. The administration official who spoke on Friday did not say a definite decision had been made.

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