Saturday, November 16, 2013

Factbox: Likely candidates to replace Bernanke at Fed in 2014

Factbox: Likely candidates to replace Bernanke at Fed in 2014
Reuters
September 15, 2013 9:17 PM

WASHINGTON (Reuters) - Lawrence Summers, a former top economic aide to President Barack Obama and a Treasury secretary under President Bill Clinton, withdrew his name from consideration to succeed Ben Bernanke as Federal Reserve chairman on Sunday.

Widely regarded as a brilliant economist and a shrewd and decisive policy-maker, Summers was considered to be the front-runner to replace Bernanke, whose second term expires in January.

The former White House advisor was widely viewed as Obama's top choice, but he had generated unusually fierce opposition from progressive groups. He was criticized for his track record on financial deregulation and for remarks made about women that were criticized as sexist.

Summers' decision to drop out appears to make Fed Vice Chair Janet Yellen a strong contender for the job. But Obama has been careful to say he is considering other candidates as well to take the helm of the Fed.

Here is a quick look at the likely leading choices:

JANET YELLEN (Born August 13, 1946)

Yellen, 67, has been Fed vice chair since 2010 and is viewed as a strong contender to be the next Fed chair.

A Reuters poll in June 12 found that an overwhelming majority of economists predicted she would get the job. But her chances appeared to slip recently after Summers' friends launched an aggressive lobbying campaign on his behalf.

Yellen has been a forceful advocate of the aggressive steps taken under Bernanke to spur U.S. economic growth, earning her a reputation as a policy "dove" who would tolerate a bit more inflation to drive down unemployment that she deemed too high.

If picked to succeed Bernanke, she would become the 100-year-old central bank's first female chief. Before her current post, Yellen was president of the Federal Reserve Bank of San Francisco. She was chairman of the White House Council of Economics Advisers under President Bill Clinton and a Fed Board governor in Washington from 1994 to 1997.

A former professor at the University of California, Berkeley, Yellen has high standing among other academics. She began her career as an assistant professor at Harvard University in the early 1970s before shifting over to the Fed.

DONALD KOHN (Born November 7, 1942)

Kohn, who retired as Fed vice chair in 2010 after 40 years at the central bank, is a respected economist who would be viewed as a very safe pair of hands at the Fed, if he could be persuaded to return to public office.

Obama publicly named him as one of the candidates he is considering.

People who have worked with Kohn have the utmost respect for his ability and think he would make an excellent choice, but they wonder if he really wants to take on such a grueling job.

Before taking a Fed board seat, Kohn, 70, was a top staff lieutenant to then-Chairman Alan Greenspan. He is now an external member of the Bank of England's Financial Policy Committee, which sets broad guidelines for the British financial system, and a senior fellow at the Brookings Institution, a Washington think tank.

TIMOTHY GEITHNER (Born August 18, 1961)

Timothy Geithner, 52, was Obama's first-term Treasury secretary. He is also seen as a possible contender for the Fed nomination, but has said he does not want the job.

If Geithner could be persuaded to change his mind, his track record is compelling. Before he was tapped for Treasury, he was already at the center of the nation's emergency response to the financial crisis as head of the New York Fed.

He also held senior posts in the Clinton Treasury Department and at the International Monetary Fund, and has longstanding contacts with the nation's largest banks. However, some critics view those ties to Wall Street as an impediment and say he was not tough enough on the banks, which contributed to excessive risk-taking that ultimately led to the 2007-2009 housing crisis.

Geithner had a difficult Senate confirmation as Treasury secretary in 2009 after it surfaced that he had failed to pay some taxes, and that issue might re-emerge if he is tapped for the Fed. Some lawmakers called for Geithner's resignation early in his tenure at Treasury, but many Republicans later warmed to him, seeing him as an honest broker during tough budget talks.

ROGER FERGUSON (Born October 28, 1951)

Ferguson, 61, is chief executive officer of TIAA-CREF, which manages retirement funds for many U.S. schools and hospitals. A Harvard-educated economist and lawyer who was Fed vice chairman from 1999 to 2006, Ferguson was regarded within the Fed as a smart and thorough policymaker. His appointment would be groundbreaking: He would be the first African-American to chair the U.S. central bank.

JANET YELLEN
Janet L. Yellen was the chairman for the Council of Economic Advisers, is a professor emeritus at the University of California, Berkeley, a member of the Council on Foreign Relations (think tank), the vice chair for the Federal Reserve Board, and a member of the Federal Open Market Committee.

Note: Jason L. Furman is the chairman for the Council of Economic Advisers, the assistant to the president for economic policy for the Barack Obama administration, and was a senior fellow at the Brookings Institution (think tank).
Martin N. Baily was the chairman for the Council of Economic Advisers, and a senior fellow at the Brookings Institution (think tank).
Rebecca M. Blank was a member of the Council of Economic Advisers, a senior fellow at the Brookings Institution (think tank), and is the deputy secretary at the U.S. Department of Commerce for the Barack Obama administration.
Lael Brainard was the deputy national economic adviser for the Council of Economic Advisers, the VP & director for the Brookings Institution (think tank), and is the under secretary for international affairs at the U.S. Department of the Treasury for the Barack Obama administration.
Mark B. McClellan was a member of the Council of Economic Advisers, and a senior fellow at the Brookings Institution (think tank).
Laura D'Andrea Tyson was the chair for the Council of Economic Advisers, a trustee at the Brookings Institution (think tank), a director at the Council on Foreign Relations (think tank), and is a professor at the Haas School of Business.
Richard C. Blum is a board member for the Haas School of Business, a member for the Council on Foreign Relations (think tank), married to Senator Dianne Feinstein, and an honorary trustee at the Brookings Institution (think tank).
Haas School of Business is a business school at the University of California, Berkeley.
Christina D. Romer is a professor at the University of California, Berkeley, married to David H. Romer, was the chair at the Council of Economic Advisers for the Barack Obama administration.
David H. Romer is married to Christina D. Romer, a professor at the University of California, Berkeley, a senior fellow at the Brookings Institution (think tank), and was the junior staff economist at the Council of Economic Advisers.
Lawrence H. Summers was a trustee at the Brookings Institution (think tank), the National Economic Council chairman for the Barack Obama administration, is a member of the Council on Foreign Relations (think tank), a senior adviser for the Alliance Partners, and a 2008 Bilderberg conference participant (think tank).
Donald L. Kohn is a senior fellow at the Brookings Institution (think tank), a member of the Council on Foreign Relations (think tank), a director at the Alliance Partners, a member of the CBO Panel of Economic Advisers, was the vice chairman for the Federal Reserve Board, and a member of the Federal Open Market Committee.
George Soros is a member of the Council on Foreign Relations (think tank), and the chairman for the Foundation to Promote Open Society.
Foundation to Promote Open Society was a funder for the Brookings Institution (think tank), the International Rescue Committee, the Committee for Economic Development, the Carnegie Endowment for International Peace (think tank), and the New America Foundation.
Timothy F. Geithner is a fellow at the Council on Foreign Relations (think tank), was an overseer at the International Rescue Committee, the secretary at the U.S. Department of the Treasury for the Barack Obama administration, and the vice chairman for the Federal Open Market Committee.
Roger W. Ferguson Jr. is a member of the Council on Foreign Relations (think tank), the co-chairman for the Committee for Economic Development, a trustee at the Institute for Advanced Study, was a trustee at the Carnegie Endowment for International Peace (think tank), a director at the New America Foundation, an Obama-Biden economic advisory team member, the vice chairman for the Federal Reserve Board.
Eric E. Schmidt is a member of the Council on Foreign Relations (think tank), a trustee at the Institute for Advanced Study, the chairman of the New America Foundation, was a funder for the New America Foundation, an Obama-Biden economic advisory team member, a trustee at Princeton University, and a 2008 Bilderberg conference participant (think tank).
Alan S. Blinder is a director at the Council on Foreign Relations (think tank), a professor at Princeton University, a friend of Ben S. Bernanke, and was the vice chairman for the Federal Reserve Board.
Ben S. Bernanke is a friend of Alan S. Blinder, the chairman for the Federal Reserve Board, the chairman for the Federal Reserve System, the chairman for the Federal Open Market Committee, was a professor at Princeton University, the chairman for the Council of Economic Advisers, and a 2008 Bilderberg conference participant (think tank).
Christina D. Romer was an assistant professor at Princeton University, the chair at the Council of Economic Advisers for the Barack Obama administration, is married to David H. Romer, and a professor at the University of California, Berkeley.
David H. Romer was an assistant professor at Princeton University, a junior staff economist for the Council of Economic Advisers, is married to Christina D. Romer, a senior fellow at the Brookings Institution (think tank), and a professor at the University of California, Berkeley.
Haas School of Business is a business school at the University of California, Berkeley.
Richard C. Blum is a board member for the Haas School of Business, a member for the Council on Foreign Relations (think tank), married to Senator Dianne Feinstein, and an honorary trustee at the Brookings Institution (think tank).
Janet L. Yellen is a professor emeritus at the University of California, Berkeley, a member of the Council on Foreign Relations (think tank), the vice chair for the Federal Reserve Board, a member of the Federal Open Market Committee, and was the chairman for the Council of Economic Advisers.

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