Obama Nominates Three to the Board of the Federal Reserve

President Obama is getting the chance to place his stamp on the Federal Reserve. There were three vacancies and he just sent three nominees to the Senate for confirmation:

The White House tapped Janet Yellen, president of the San Francisco Federal Reserve Bank, to be the board’s vice chairman, and Massachusetts Institute of Technology economist Peter Diamond and Maryland state banking regulator Sarah Bloom Raskin to sit on the seven-member board. The Senate is likely to confirm them.

Just to clear up any confusion, the Federal Reserve is run by its seven-member Board of Governors. That’s what President Obama is filling out.
The interest-rate policy committee is the Federal Open Market Committee (FOMC) which has 12 members—the seven governors plus a rotating selection of five of the twelve regional bank presidents. The President of the New York Fed is always there.
Janet Yellen is currently the President of the San Francisco Fed so she was a member of the FOMC last year. San Francisco rotated off in 2010.

Posted by on April 29th, 2010 at 10:56 am

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