By the Blouin News Business staff

Marron commends Yellen nomination

by in U.S..

Janet Yellen, vice chair of the Board of Governors of the U.S. Federal Reserve System.

Janet Yellen. Photo Credit: Reuters/Robert Galbraith

U.S. President Barack Obama is nominating Janet Yellen to succeed Federal Reserve chairman Ben Bernanke when his second four-year term expires in January. Yellen, currently Bernanke’s deputy, has been the front-runner for the position ever since the president’s assumed favorite, former Treasury Secretary and Harvard economist Lawrence Summers, dropped out of the race in the face of opposition from some members of the president’s party who thought him too closely associated with Wall Street and deregulation.

While all leaders of the Fed turn out to shape the job in their own image to a certain extent, Yellen’s appointment would be a vote for continuity — especially with the Fed approaching the start of unwinding its massive stimulus program, as Donald Marron, director of Economic Policy Initiatives at the Urban Institute and a former member of the President’s Council of Economic Advisors, told the recent Blouin Creative Leadership Summit.