Obama to Nominate Three to the Central Bank
(New York Times) -- By SEWELL CHAN --
WASHINGTON — President Obama will nominate Janet L. Yellen on Thursday to be vice chairwoman of the Federal Reserve, and fill two remaining seats on the central bank’s board of governors, officials said Wednesday evening.
News of the nominations came hours after the Fed’s open market committee decided to keep short-term interest rates near zero and maintained, as it has for nearly a year, that rates would stay at that level for “an extended period.”
Ms. Yellen, president of the Federal Reserve Bank of San Francisco, is a leading macroeconomist and a former Fed governor, but the two other nominees, Peter A. Diamond, an economist at the Massachusetts Institute of Technology, and Sarah Bloom Raskin, the Maryland commissioner of financial regulation, do not have backgrounds in monetary policy. The White House floated all three names last month, but delayed the nominations pending a review of the candidates’ backgrounds.
After its meeting Wednesday, the central bank disclosed nothing about when or how it would reduce the size of the $2.3 trillion balance sheet it accumulated as it acquired mortgage-backed securities to prop up the housing market, suggesting that it had no plans to start selling the assets anytime soon...MORE...LINK
Are Jews in control of the Federal Reserve System?
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