Janet Yellen and Lawrence Summers both have good reasons as to why they could be the next Fed chief.
Yellen, 66, has a Ph.D. from Yale University, worked during the Clinton administration and has a long career with the Fed. In the 1990’s she was a member of the Fed board in Washington, and was president of the Federal Reserve Bank of San Francisco in the 2000’s . Since 2010 Yellen has been the the right-hand woman to the current Fed chief, and has even spoken at international financial meetings during his absence , which makes her a solid choice as his successor, reports The Wall Street Journal.
Summers, 58, has a Ph.D. from Massachusetts Institute of Technology, and also worked during the Clinton administration. In the 1990’s he was at the U.S. Treasury as the U.S. advised governments in Mexico, Asia and Russia in stopping financial issues. In 2009 Summers ran President Obama’s National Economic Council, which was during the time that the President was working to support weak banks, and help boost the economy. Summer also spent time outside of government. During that time he was an adviser to hedge fund D.E. Shaw. Summers having worked for President Obama in the past, and his economic background also makes him a solid choice as the Fed chief, reports WSJ.
The announcement of the next chairman of the Federal Reserve is likely to happen either late September, or early October.
The opinions contained in this column are solely those of the writer.
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