Obama’s Reported Picks For Federal Reserve Praised By Economists

Economists are cheering the Obama administration’s rumored picks for the Federal Reserve, noting that the two economists and the bank regulator reportedly selected to serve on the central bank’s board will be more inclined to stick up for families.

Janet L. Yellen, president of the Federal Reserve Bank of San Francisco, is reported to be the administration’s choice for the soon-to-be-vacated vice chairman role on the Fed’s Board of Governors; Peter A. Diamond, an MIT economist who’s written extensively about Social Security and pensions is said to fill one existing vacancy; and Sarah Bloom Raskin, the state of Maryland’s top bank regulator, is said to fill the other.

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