Who Should be the Next Fed Chair?
July 29, 2013 5:37 PM
The race to succeed Fed Chairman Ben Bernanke was kicked into high gear last week by rumors President Obama was about to announce his choice. The White House eventually backed off of that, saying a nomination was likely to come in the fall. Still, the speculation over who will be the next central bank chief has reached fever pitch. Following are the top candidates:
(Image: Bloomberg News)
Larry Summers
The former Treasury secretary went from the dark horse of the race to its alleged frontrunner in a matter of weeks, kicked off by this article from the Wall Street Journal's Damian Paletta. But the blowback against Summers, who made disparaging remarks about women as president of Harvard University and was one of the chief architects of the controversial Gramm-Leach-Bliley Act, has been fierce. Many Senate Democrats are pushing back against the White House, urging it to instead pick
(Image: Bloomberg News)
Janet Yellen
Long considered the odds-on favorite of the race, Yellen has impeccable credentials. She's served as the vice chairman of the Fed since 2010. Prior to that, she was president of the San Francisco Fed from 2004 to 2010 and a former Fed governor in the 1990s. She was considered a long-shot candidate to be Fed chair in 2009, before Obama re-nominated Bernanke. Yellen would also make history if confirmed, becoming the first woman Fed chair.(Image: Bloomberg News)
Roger Ferguson
While Summers and Yellen are considered the most likely choices, some have also discussed other candidates such as Ferguson, a former vice chair of the Fed. Like Yellen, Ferguson is both extremely qualified and a historic choice he would be the first African-American Fed chairman, if confirmed. He has been the president and CEO of TIAA-CREF since 2008 and served as the head of financial services for Swiss Re after leaving the Fed in 2006.(Image: Bloomberg News)
Christina Romer
Also in the mix is Romer, the former chair of the Council of Economic Advisers for President Obama. Although Romer is considered an unlikely choice relative to the other picks, she, like Bernanke, is an expert on the Great Depression and the Fed, and has been actively promoted by some publications like The Atlantic.(Image: Bloomberg News)
Don Kohn
Yet another former Fed vice chairman, Kohn served at the central bank from 1970 to 2010, first as a staffer (leading its division of monetary affairs, among numerous positions) and later as a governor in 2002. Since he retired from the Fed three years ago, he has written extensively for Brookings and was appointed to the Bank of England's Interim Financial Policy Committee in 2011.(Image: Bloomberg News)
Tim Geithner
Although former Treasury Secretary Tim Geithner is frequently cited as a potential candidate for Fed chair, his odds appear very unlikely and it's not even clear he wants the job. Geithner recently announced his intention to write a book on the financial crisis and has taken flack for highly-paid speaking engagements to private equity groups. He recently sold his Washington-area home and has frequently cited his desire to take a break from public service.(Image: Bloomberg News)
