Who will replace Bernanke as the next Fed
Chairman? (Part 3)
By Senior Credit Analyst • Aug 2, 2013
10:24 am
Because Bernanke will step down, there’s
great speculation on who will replace him
So who is it likely to be the next
Bernanke?
The case for
Summers
Between the two, Summers certainly has
more excitement building around him than Yellen. Summers also has Wall Street
credibility—at least more so than Yellen. That’s not to say that Yellen is in
any way unqualified. She has a lifetime of experience in macroeconomics and
working in the Fed system.
Her weakness as a candidate perhaps is
that she’s relatively unknown worldwide compared to Summers—yet this may be as
much an asset, given some of Summers’ negative publicity in the past and the
somewhat technocratic nature of the Fed.
The case for
Yellen
Summers has a history of misspeaks and is
potentially abrasive according to multiple media sources, such as the Washington
Post and Financial Times. While in normal economic times, the character of the
Fed Chairman may not be of such concern, the current situation places a very
close eye on the Fed. A single misspeak could easily erode market
confidence.
Additionally, Larry Summers hasn’t been a Fed governor
and hasn’t been under the direct apprenticeship of the highly venerated
Bernanke. So, based on on-the-job experience, it seems that the obvious choice
would be Janet
Yellen.
Janet L. Yellen
Janet L. Yellen
is a member of the Federal Open Market
Committee, the vice chair for the Federal Reserve Board, a professor emeritus
at the University of California, Berkeley, and was the chairman for
the Council of Economic
Advisers.
Note: Timothy F.
Geithner was the vice chairman for the Federal Open Market Committee, an overseer
at the International Rescue
Committee, a co-founder for Group
of 20, and is a fellow at the Council on Foreign Relations (think
tank).
Andrew S. Grove
is an overseer at the International Rescue
Committee, and was a benefactor at the University of California, Berkeley.
Foundation
to Promote Open Society was a funder for the International Rescue Committee, the
Brookings Institution (think
tank), and the Center for American
Progress.
George Soros is the
chairman for the Foundation to Promote Open
Society, and was a supporter for the Center for American
Progress.
David H. Romer is
a senior fellow at the Brookings Institution
(think tank), a professor at the University of California, Berkeley, and married to Christina D.
Romer.
Christina D.
Romer is married to David H.
Romer, a professor at the University of California, Berkeley, an assistant
professor at Princeton University, the chair for the
Council of Economic Advisers for
the Barack Obama
administration.
Ben S.
Bernanke was a professor at Princeton University, the chairman for
the Council of Economic Advisers,
is the chairman for the Federal Open Market
Committee, the chairman for the Federal Reserve Board, the chairman for the
Federal Reserve System, and a 2008
Bilderberg conference participant
(think tank).
Lawrence H.
Summers was a trustee at the Brookings Institution (think tank), the
National Economic Council chairman for the Barack Obama administration, is a
co-founder for the Group of 20, a
member of the Council on Foreign Relations
(think tank), a distinguished fellow at the Center for American Progress, and a 2008
Bilderberg conference participant
(think tank).
Melody C. Barnes
was an EVP at the Center for American
Progress, and is Barack
Obama’s golf partner.
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 regent at the University of California, a member of the
Council on Foreign Relations (think
tank), married to Senator Dianne
Feinstein, and an honorary trustee at the Brookings Institution (think
tank).
Robert D. Haas was
a board member at the Haas School of
Business, an honorary trustee at the Brookings Institution (think tank), and is
a member of the Council on Foreign Relations
(think tank).
F. Warren Hellman
was a board member for the Haas School of
Business, and an honorary trustee at the Brookings Institution (think
tank).
Laura D'Andrea
Tyson is a professor at the Haas School
of Business, a fellow at the Center for American Progress, was a
director at the Council on Foreign Relations
(think tank), a trustee at the Brookings Institution (think tank), and the
chair for the Council of Economic
Advisers.
Haas
School of Business is a business school at the University of California, Berkeley.
Janet L. Yellen
is a professor emeritus at the University of California, Berkeley,
a member of the Federal Open Market
Committee, the vice chair for the Federal Reserve Board, and was the chairman
for the Council of Economic
Advisers.
Carl Shapiro was a
member of the Council of Economic
Advisers, the assistant attorney general for economic analysis
(antitrust) at the U.S. Department of Justice
for the Barack Obama
administration, and is a professor at the Haas School of
Business.
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