POLITICO

"

Calling for Yellen

Wire: Obama picks Fed No. 2

Janet Yellen is the president of the Federal Reserve Bank of San Francisco. AP

President Obama has settled on Janet Yellen, the president of the Federal Reserve Bank of San Francisco, as his first choice for vice chair of the Federal Reserve, Bloomberg reports.

More: "The nomination is pending completion of vetting by the Obama administration, one person said. The vice chairman gets a four-year term, subject to Senate approval, and a separate term on the Fed Board of Governors. The people spoke on condition of anonymity because the selection hasn't yet been announced.

"Yellen, 63, would replace Donald Kohn, a 40-year Fed veteran who resigned last week effective June 23. Yellen, who served as President Bill Clinton?s chief economist in the 1990s, said last month that the U.S. economy 'still needs the support of extraordinarily low' interest rates. She would gain a permanent vote on monetary policy, instead of having a vote one year out of every three as a regional Fed chief. ...

Continues @ Politico44

"

Absolutely delighted to hear of this upcoming appointment. Who knows.. Hillary Clinton may even make her the Fed chief! 



-- Edited by Sanders on Friday 12th of March 2010 10:34:44 AM