Janet L. Yellen who is the president of the Federal Reserve Bank of San Francisco and a former advisor to President Clinton is likely to be nominated for the post of vice chairman of central bank.
White House Press Secretary Robert Gibbs announced on Friday that Yellen is “a leading contender” for the No. 2 job on the central bank’s board of governors. Diane Swonk, chief economist at Mesirow Financial described Yellen as “one of the sharpest knives in the drawer.”
An administrative official has called her the leading candidate because of her “impressive set of credentials as a macroeconomist,” along with her capability to deal with unemployment issues.
But there are some who oppose her candidacy. Allan Metzer a Fed historian from Carnegie Mellon Universoty feels that Yellen won’t be able to tackle inflation rates. She “will not do much to change that,” Metzer said.
But former Fed governor Laurence H. Meyer who worked with Yellen is filled with optimism, “Hurray! I jumped up and down when I heard the news,” Meyer messaged his clients of his consulting firm, Macroeconomic Advisers. “Janet would quickly switch camps . . . if the outlook or her forecast changed such that a serious threat to price stability emerged,” Meyer said.
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