After two terms as Federal Reserve Chairman, Ben Bernanke seems ready to return to private life.
Recently, Obama has signaled that Bernanke won’t be staying on after his second term expires next year. The looming vacancy at the nation’s central bank is provoking the usual speculation regarding who will succeed Bernanke, Reuters notes.
Washington insiders consider current Fed Vice Chair Janet Yellen to be the most likely replacement for Bernanke. She would become the first female Fed chairman. However, Larry Summers, who was considered for the position in 2009, and former Treasury Secretary Timothy Geithner are also said to be under consideration.
Current Treasury Secretary Jack Lew is reportedly assembling a list of candidates for the president to select from.
Whoever is ultimately tapped by the president will take the Fed’s reins at a time when the central bank is trying to wind down its efforts to stimulate the U.S. economy. In a recent interview, Obama praised Bernanke for providing “outstanding” leadership during his tenure as Fed chairman.
Bernanke, who has steered the country’s monetary policy through the mortgage meltdown and financial crisis that followed, was originally appointed by President George W. Bush and was reappointed by President Barack Obama in 2009.
The opinions contained in this column are solely those of the writer.
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