And one of them is a woman from San Francisco!
Janet L. Yellen is the President of the Federal Reserve in San Francisco, and I was just there today for the St. Patrick's Day Parade. Ms. Yellon's main goals are to restore economic growth and create jobs. She is a contender for the second position on the Fed, after Ben Bernanke. There are three positions open on the central bank board of governors and the other two choices are Peter A. Diamond and Sarah Bloom Raskin, the first an economist and the other a lawyer. "“What they’ve done is try to put together a package of people who play to different strengths: analytic economics with Yellen; a broader economic perspective with Diamond; and then, clearly, a focus on consumer protection with Raskin,” said Randall S. Kroszner, a formed Fed governor who knows all three."" This is an important time to be a part of the Fed; it has been doing some big things like purchasing 2 trillion dollars in mortgage related securities in order to lower interest rates.
Ms. Yellen seems like a cool person, so I am excited for her and wish her the best. Susan Phillips served on the reserve board with her in the nineties and said “Janet had a prepared, written statement and she’d be working on it right until she gave it. And I knew that, because I was sitting right next to her.”
Many leftist government members want these new members to really focus on accountability for the reserve and the banks in order to get the economy straight again, and I agree!
I predict that Yellon, and the others will get the spots and we will be hearing about their future choices.
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