President Barack Obama on Thursday plans to name San Francisco Federal Reserve Bank President Janet Yellen to be vice chairman of the U.S. central bank and two others to fill Fed board vacancies, sources familiar with the process said on Wednesday.
In addition to Yellen, Obama intends to name MIT economist Peter Diamond and Maryland state bank regulator Sarah Raskin to the Fed, the sources said. All three would have to be confirmed by the Senate.
As you know, I’ve been waiting for this for some time. Yellen is a Fed veteran, Raskin a specialist in consumer protection issues, and though Diamond is best known for his work on pension issues he’s one of the most highly regarded economists out there doing policy-relevant work in academia.
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