Obama Says He Has Narrowed Down Decision on Next Fed Chairman

[Purveyor]

President Barack Obama said his nominee for Federal Reserve chairman will be someone who embraces the central bank’s dual mandate to promote price stability and maximum employment, and he has narrowed his choice “to some extraordinarily qualified candidates.”

“I think you can anticipate that over the next several months, an announcement will be made,” Obama said in an interview with the New York Times (NYT) on July 24, according to a transcript published today on the newspaper’s Website. Obama said he has yet to make a final decision and will announce a choice within “several months.”

Obama isn’t expected to nominate a successor to the current chairman, Ben S. Bernanke, until at least September, an administration official said yesterday. He wants a chairman who understands the Fed’s dual mandate to promote maximum employment and price stability, Obama said in the interview at Knox College in Galesburg, Illinois.

“And when unemployment is still too high, and long-term unemployment is still too high, and there’s still weak demand in a lot of industries, I want a Fed chairman that can step back and look at that objectively and say, ‘Let’s make sure that we’re growing the economy, but let’s also keep an eye on inflation,” Obama said.

“If the markets start frothing up, let’s make sure we’re not creating new bubbles,’” he said.

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http://www.bloomberg.com/news/2013-07-27/obama-says-he-has-narrowed-down-decision-on-next-fed-chairman.html

[YoungDemCA]

1. It'll be Larry Summers or some other "extraordinary qualified" candidate...

....qualified, that is, for protecting the interests of Wall Street and other elements of the ruling class.

[Purveyor]

2. This place will 'explode' if it is Summers and rightfully so. eom

[Amak8]

3. Wonder if any Senate Dems have a backbone to vote against him.

[roamer65]

9. Damn str8 we will.

[Purveyor]

10. And rightfully so... eom

[olddots]

4. I sure wouldn't want to bet on who gets the job

n.t.

[roamer65]

5. It wouldn't surprise me if it is Geithner.

Even though he says he doesn't want the job, he may be persuaded to take it for one term.
He has the experience of the 2008 financial crisis as New York FRB president and it is rumored that the president respects him greatly.
Remember the president begged Tim Geithner to stay a full term and even went as far as talking to Mrs Geithner about why he needed him to stay.

[PragmaticLiberal]

7. This isn't going to be popular....but I'd prefer Geithner if the alternative is Summers.

[roamer65]

8. The New York FRB presidency is a very powerful position.

In the days before the chairmanship, the NY FRB president basically ran the show. Benjamin Strong was the de facto leader of the Federal Reserve in the 1920's and he occupied the position of NY FRB president. The other regional FRB's became subservient to the NY Fed during that time frame and that is still the case. Tim Geithner was NY FRB president and Treasury secretary, and from what I have read the chairmanship is his for the asking.

I personally think Larry Summers is being floated to reduce resistance to Geithner.

I don't have a big problem with Geithner to be honest. He's a banker and he's does what bankers do...but he did help get the financial sector through a crisis and the markets will find that very soothing.

I read that Geithner was commenting the other day about a five year tapering of QE. Interesting he would make a comment like that...

[dixiegrrrrl]

6. When was the last time the Fed met the dual mandates

to promote maximum employment and price stability?????????