President Barack Obama may have to nominate a new Federal Reserve Chairman soon.
Speaking with reporters on Wednesday, the current head of the Fed, Ben Bernanke, said that he has discussed stepping down with the President. Bernanke has served as Fed chairman for seven years, steering the country through the aftermath of the financial crisis, Bloomberg noted.
As late as December, Bernanke had told reporters that he hadn’t communicated with the administration about his future plans.
White House sources say that Bernanke is tired after his long tenure and is looking to leave government service. His term as chairman will expire early next year.
Bernanke now says that he doesn’t think he needs to remain at the Fed as it winds down the bailouts from the financial crisis.
Earlier this year, Treasury Secretary Timothy Geithner stepped down, taking a senior fellow position with the Council on Foreign Relations.
The opinions contained in this column are solely those of the writer.
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