Yellen Backed For Fed Post

12 September 2013 |permalink | email article

Over 300 economists have signed an open letter to President Obama urging him to nominate Janet L. Yellen to be the next head of the Federal Reserve, citing her “consistently good judgement ” and her commitment to reducing unemployment. Among those signing the letter are Nobel Prize winner Joseph Stiglitz, former Fed governors Alan Binder and Alice Rivlin, and two prominent former Yellen colleagues at UC Berkeley, Christina Romer and Laura D’Andrea Tyson. The letter, which is still adding names, comes as supporters of Yellen, the Fed’s vice chair, and former Treasurer Secretary Lawrence H. Summers are locked in an unpresedented public campaign to influence Obama’s decision on who will replace Ben S. Bernanke. The letter saiad Yellen had the ability to work “through cooperation and consensus”—a thinly veiled swipe at Summers, who has a reputation for being domineering and difficult to work with.

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