Obama to Nominate Three to Fed

[Elmore Furth]

Source: NY TImes

WASHINGTON — President Obama will nominate Janet L. Yellen on Thursday to be vice chairwoman of the Federal Reserve, and fill two remaining seats on the central bank’s board of governors, officials said Wednesday evening.

Ms. Yellen, 63, would replace Vice Chairman Donald L. Kohn, a 40-year Fed stalwart who plans to retire in June. Ms. Raskin, 49, is a former lawyer for the Senate Banking Committee, and Mr. Diamond, who turns 70 on Thursday, is an authority on Social Security and pensions.

Ms. Yellen, president of the Federal Reserve Bank of San Francisco, is a leading macroeconomist and a former Fed governor, but the two other nominees, Peter A. Diamond, an economist at the Massachusetts Institute of Technology, and Sarah Bloom Raskin, the Maryland commissioner of financial regulation, do not have backgrounds in monetary policy. The White House floated all three names last month, but delayed the nominations pending a review of the candidates’ backgrounds.

After its meeting Wednesday, the central bank disclosed nothing about when or how it would reduce the size of the $2.3 trillion balance sheet it accumulated as it acquired mortgage-backed securities to prop up the housing market, suggesting that it had no plans to start selling the assets anytime soon.



Read more: http://www.nytimes.com/2010/04/29/business/29fed.html?hp

[bemildred]

1. Two women.

:thumbsup:

[amandabeech]

3. Yes, and he needs to find a place for Brooksley Borne, too.

She, after all, saw derivatives for what they are and was frozen out by the boys in the Clinton administration.

Larry Summers and Bob Rubin should be hanging their heads in shame.

I'm not religious, but I hope that there is a really hot hell for those two to burn in.

[MannyGoldstein]

4. Sorry, No Can Do

Wouldn't be good for bankers.

[amandabeech]

5. I guess that's the point, isn't it? n/t

[amandabeech]

2. The Fed can sell those securities back to the investment banks who created them.

At par plus 30%.

That might recoup some of the money that the originators made by shorting the damned things.

[MrMickeysMom]

6. Dupe

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4360418