Yellen most likely to get Fed chairmanship, official says

[Editor: It is not known why the US media is so fond of GARBAGE writing? From where did they get this information that, " ....because of Yellen’s influence, the Fed is expected to maintain extraordinary support for economic growth for several years, as unemployment remains high?" 

My assessment is that: making Janet Yellen as the Fed President, would be another self-inflicted disaster for the US. They should find someone who share the vision of Dr.Bernanke or at least of Dr.Alan Greenspan. These 12th men will NOT help the US tide over the current crisis. 

Meanwhile, why not try for the Former U.S. Treasury Secretary Timothy Franz Geithner; though from several media reports, it is widely believed that he is still not interested in being the next head of the Federal Reserve. However, if he is specially requested by appropriate authorities, then I feel he might seriously think of taking up this post.  This is what Huffington Post writes on 15th September, 2013: 

//The source, who declined to be identified, said Geithner remains firm in the view that he expressed back in January, when he stepped down from his post at Treasury, that the next Fed chair will be "someone else's privilege." Geithner is a close Obama confident who has been persistently talked about by Fed watchers as a candidate to replace Ben Bernanke, the U.S. central bank's current chief, when his term expires in January. This speculation has refused to die, despite Geithner's public comment to the contrary, and the fact that he is writing a book about his time in office//]

Federal Reserve Vice Chairman Janet Yellen is the leading candidate to be President Obama’s nominee to lead the Fed as chairman, a White House official said Wednesday. Barring any unexpected development, that likely means that Yellen will get the nomination, perhaps as soon as next week.

People close to the White House said this week that Yellen was the front-runner after the unexpected withdrawal by former White House economic adviser Lawrence Summers, who was facing sharp resistance on Capitol Hill.

But the statement by the White House official comes closest to confirming that Yellen likely will be Obama’s choice to lead the powerful central bank. As current vice chairman and a longtime Fed official, Yellen is deeply familiar with the inner-workings of the bank and an architect of its efforts to reduce unemployment.

The Fed is holding a policymaking meeting Wednesday, at which it may begin to pull back slightly on bond purchase program that has been stimulating the economy. Still, in part of because of Yellen’s influence, the Fed is expected to maintain extraordinary support for economic growth for several years, as unemployment remains high.

In addition to Yellen, Obama had narrowed his list of candidates to include former Fed vice chairman Donald Kohn, a senior fellow at the Brookings Institution. While some speculated in light of Summers’s withdrawal the president may consider other candidates, it appears he is focusing on Yellen.

The choice of Yellen and early confirmation that she is the leading candidate likely reflects the White House’s desire to wrap up the Fed nomination process after a protracted spectacle this summer that not only cost Summers’ his candidacy but many observers said was harmful for the Fed.

Courtesy: Washington Post