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Bloomberg: The 5 Most Likely Candidates to Replace Janet Yellen to Lead the Fed

Saturday, July 15, 2017 22:17
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Bloomberg: The 5 Most Likely Candidates to Replace Janet Yellen to Lead the Fed
by Tom Ciccotta15 Jul 2017
As Janet Yellen’s tenure as the Chairman of the Federal Reserve Bank comes to a close, here are some of the candidates that could replace her at the end of her term next February.
With reports that Yellen plans to serve out the entirety of her term as the Chairman of the Federal Reserve Bank, President Trump has until February to select a replacement.
Bloomberg Politics compileda short list of potential candidates whose names have floated around in talks about the position.
Gary Cohn
President Trump’s Senior Economic Adviser Gary Cohn has been in the spotlight with regards to the Fed appointment due to a Politico report that named him as the President’s top choice. Despite the rumors, Cohn has denied interest in the position.
“No, I have a great job right now,” he said when asked about the position. “Serving the president has been a dream come true.
According to the Politico report, the Trump administration is especially interested in Cohn taking the position.
“It’s Gary’s if he wants it, and I think he wants it,” one Republican source claimed. “He would be easily confirmed,” the source added.
“Most of our conservative members like him.”
Before joining the Trump administration, Cohn worked at Goldman Sachs for more than 25 years, including a decade-long stint as president.
Kevin Warsh
Warsh is a former governor of the Federal Reserve System and a distinguished visiting fellow at Stanford University’s Hoover Institution, a conservative-leaning public policy think tank. He served as a governor of the Federal Reserve System from 2006 to 2011, during which time he used his past experience on Wall Street to calm the brewing financial crisis.
Warsh is the spouse of Jane Lauder, heir to the Estée Lauder cosmetics firm that is worth approximately $9.22 billion.
John Taylor
Taylor, a professor at Stanford University, is best known for a monetary-policy rule developed in 1993 that links changes in interest rates to the state of an economy and its inflation.
He has been an outspoken critic of Yellen’s leadership of the Fed, arguing that under her leadership the bank has been too loose with monetary policy.
Taylor, who often argues for high-interest rates in order to combat inflation, may not be the best fit for President Trump, who has described himself as “a low-interest-rate” person.
Glenn Hubbard
Hubbard is the Dean of Columbia University’s Business School and served as President George W. Bush’s chief economists from 2001 to 2003. Hubbard authored an economic policy book in 2010 with President Trump’s trade advisor, Peter Navarro.
Jay Powell
Powell is the only Republican on the Board of Governors at the Federal Reserve Bank. Before working for Yellen’s Fed, Powell worked at the private equity firm Carlyle Group and served as a senior official at the U.S. Treasury under President George H.W. Bush.
Bloomberg Politics claims that Powell is seen as a “long-shot” for the position.
Gary Cohn
Gary D. Cohn is the chief economic adviser for the Donald Trump administration, and was a trustee at the Harlem Children’s Zone.
Note: Michael R. Bloomberg was a benefactor for the Harlem Children’s Zone, and is the founder of Bloomberg LP.
Bloomberg Politics is a division of Bloomberg LP.
Foundation to Promote Open Society was a funder for the Harlem Children’s Zone, the Brookings Institution (think tank), and the Committee for Economic Development.
George Soros was a benefactor for the Harlem Children’s Zone, the chairman for the Foundation to Promote Open Society, and is a member of the Bretton Woods Committee.
Richard C. Blumis an honorary trustee at the Brookings Institution (think tank), a board member for the Haas School of Business, a regent at the University of California, and married to Senator Dianne Feinstein.
Haas School of Business is a business school at the University of California, Berkeley.
University of California, Berkeley is a University of California campus.
David H. Romer was a senior fellow at the Brookings Institution (think tank), and is a professor at the University of California, Berkeley.
George A. Akerlofis a professor at the University of California, Berkeley, and married to Janet L. Yellen.
Janet L. Yellenis married to George A. Akerlof, a professor emeritus for the University of California, Berkeley, and was a chairman for the Council of Economic Advisers.
David M. Rubensteinis a co-chairman for the Brookings Institution (think tank), and a co-founder & co-CEO for the Carlyle Group.
George H.W. Bushwas an adviser for the Carlyle Group.
Jerome H. Powell (Jay) was a partner at the Carlyle Group,
Steven A. Denningis an honorary trustee at the Brookings Institution (think tank), and a trustee at Stanford University.
Hanzade Dogan Boyner is a trustee at the Brookings Institution (think tank), and an overseer for the Columbia Business School.
R. Glenn Hubbardis the dean of Columbia Business School, and a trustee at the Committee for Economic Development.
John B. Taylor is a member of the Bretton Woods Committee, and was and was an economist for the Council of Economic Advisers.
Martin N. Bailywas a chairman for the Council of Economic Advisers, and is a senior fellow at the Brookings Institution (think tank).
Victor A. Pelsonwas a trustee at the Committee for Economic Development, and a director at the United Parcel Service, Inc.
Stuart E. Eizenstat was a trustee at the Committee for Economic Development, and a director at the United Parcel Service, Inc.
Kevin M. Warsh is a director at the United Parcel Service, Inc., was a member of the Federal Reserve Board, and a member of the Federal Open Market Committee.


Source: http://thesteadydrip.blogspot.com/2017/07/bloomberg-5-most-likely-candidates-to.html

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