Obama says narrowed Fed choices, to announce in months: NY Times

WASHINGTON Sat Jul 27, 2013 5:11pm EDT

U.S. Federal Reserve Chairman Ben Bernanke arrives for a news conference at the Federal Reserve in Washington, June 20, 2012. REUTERS/Jonathan Ernst

U.S. Federal Reserve Chairman Ben Bernanke arrives for a news conference at the Federal Reserve in Washington, June 20, 2012.

Credit: Reuters/Jonathan Ernst

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WASHINGTON (Reuters) - President Barack Obama has narrowed his choices to succeed Federal Reserve Chairman Ben Bernanke to "some extraordinary candidates" and will announce his pick "over the next several months," he said in an interview with the New York Times.

In the interview, released on Saturday, Obama said he wanted a Fed leader who would focus on helping the economy grow and not just work abstractly to keep inflation in check and markets stable, the Times reported.

"The idea is to promote those things in service of the lives of ordinary Americans getting better," Obama said. "I want a Fed chairman that can step back and look at that objectively and say, 'Let's make sure that we're growing the economy,'" he said.

Former U.S. Treasury Secretary Lawrence Summers and Fed Vice Chair Janet Yellen are thought to be the two top candidates for the job.

Senior White House officials said earlier this week Obama had made no decision about who to nominate to replace Bernanke when his term expires on January 31. Bernanke, who has led the Fed since 2006, is widely believed not to want to stay on for a third four-year term.

The central bank plays a key role in guiding the world's largest economy and has taken on new financial oversight responsibilities following the worst U.S. financial crisis since the Great Depression.

Summers is a former economic adviser to Obama. Yellen is a former Clinton administration official; she would be the first woman to lead the Fed.

(Reporting by Jeff Mason; Editing by Peter Cooney and Mohammad Zargham)

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Comments (4)
reality-again wrote:
Yeah, someone like Bernanke, who will keep inflating the stock market bubble with freshly printed dollars.
Sounds like a plan!

Jul 27, 2013 4:58pm EDT  --  Report as abuse
Assur wrote:
Unless he brings back Executive order 11110 nothing changed and he’s as useless as his predecessors. I don’t care who he chooses.

Jul 27, 2013 6:03pm EDT  --  Report as abuse
unionwv wrote:
Another piece of non-news-to-come, pedalled by the administration to the NYT to try and prop up that syncophantic propaganda mill …

Jul 28, 2013 11:40am EDT  --  Report as abuse
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