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Janet Yellen leads Fed contenders after withdrawal of Larry Summers Janet Yellen leads Fed contenders after withdrawal of Larry Summers
(2 days later)
Larry Summers, a former top economic aide to Barack Obama and a Treasury secretary under Bill Clinton, has withdrawn his name from consideration to succeed Ben Bernanke as Federal Reserve chairman.Larry Summers, a former top economic aide to Barack Obama and a Treasury secretary under Bill Clinton, has withdrawn his name from consideration to succeed Ben Bernanke as Federal Reserve chairman.
The former White House adviser was widely viewed as Obama's top choice, but he had generated unusually fierce opposition from progressive groups. 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.The former White House adviser was widely viewed as Obama's top choice, but he had generated unusually fierce opposition from progressive groups. 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.
Here are the likely contenders:Here are the likely contenders:
Janet YellenJanet Yellen
Yellen, 67, has been Fed vice-chair since 2010.Yellen, 67, has been Fed vice-chair since 2010.
A Reuters poll on 12 June 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.A Reuters poll on 12 June 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 US 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.Yellen has been a forceful advocate of the aggressive steps taken under Bernanke to spur US 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.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.
Donald KohnDonald Kohn
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.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 has named him as one of the candidates he is considering.Obama has 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 gruelling job.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 gruelling 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.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.
Timothy GeithnerTimothy Geithner
Geithner, 52, was Obama's first-term Treasury secretary. He is seen as a possible contender for the Fed nomination, but has said he does not want the job.Geithner, 52, was Obama's first-term Treasury secretary. He is 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 centre of the nation's emergency response to the financial crisis as head of the New York Fed.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 centre 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. But 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 2007-09 housing crisis.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. But 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 2007-09 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.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 FergusonRoger Ferguson
Ferguson, 61, is chief executive officer of TIAA-CREF, which manages retirement funds for many US schools and hospitals. A Harvard-educated economist and lawyer who was Fed vice-chair from 1999 to 2006, Ferguson was regarded within the Fed as a smart and thorough policymaker. He would be the first African-American to chair the US central bank.Ferguson, 61, is chief executive officer of TIAA-CREF, which manages retirement funds for many US schools and hospitals. A Harvard-educated economist and lawyer who was Fed vice-chair from 1999 to 2006, Ferguson was regarded within the Fed as a smart and thorough policymaker. He would be the first African-American to chair the US central bank.
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