Obama to Nominate Fed’s Yellen for Vice Chair of the Central Bank

Federal Reserve Bank of San Francisco President Janet Yellen is expected to be President Obama’s pick for vice chairman of the central bank in Washington, Bloomberg sources have learned.

Yellen, 63, who took office on June 14, 2004, as President and CEO of the Twelfth District Federal Reserve Bank, at San Francisco, would replace Donald Kohn, a 40-year Fed veteran who announced earlier this month that would step down effective June 23.

If Yellen is confirmed — President Obama’s selection would have to be confirmed by the Senate — she would gain a permanent vote on monetary policy.

Yellen, considered a member of the central bank’s policymakers that leans more toward policies that will boost growth and promote employment rather than those aimed at fighting inflation, was chairwoman of the White House Council of Economic Advisers under President Bill Clinton between 1997 and 1999 and a Fed governor between 1994 and 1997.

Bloomberg also said the White House had also chosen two other nominees to fill vacancies on the Fed’s seven-member board, but their names were not known late Thursday.

Dr. Yellen is a member of both the Council on Foreign Relations and the American Academy of Arts and Sciences and a research associate of the National Bureau of Economic Research.

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