The employment numbers posted friday, plus the GDP numbers for the last quarter, has various economists saying more or less the same thing. All that and the expected announcement of Pres. Obama’s nominee for the Supreme Court reminds me to post this op-ed from last month. After all, if we really wanted to talk about people who will have a major impact on our day-to-day lives, our first discussion topic shouldn’t be, “Who will be the most junior Supreme Court justice?” It should be, “Who will sit on the Federal Reserve?”
As it turns out, these three were:
President Obama plans to name Janet Yellen to serve as vice chairwoman of the Federal Reserve, where she would play a crucial role in shaping monetary policy for the nation’s banking system.
Yellen, 63, is a former member of the Fed’s Board of Governors and has served as president and chief executive of the 12th District Federal Reserve Bank in San Francisco since 2004.
Obama is also expected to name two others, Peter Diamond and Sarah Bloom Raskin, to serve as boardmembers, according to the source.
Diamond is an economics professor at the Massachusetts Institute of Technology and is the author of several books on economics. He’s a longtime research associate of the National Bureau of Economic Research with an expertise in taxation.
Raskin is commissioner of financial regulation for the state of Maryland. She formerly served as banking counsel to the Senate Banking Committee and has worked at the Federal Reserve Bank of New York and the Joint Economic Committee of Congress.
How does the Fed affect our daily lives more than the Supreme Court? I’m glad you asked.