More than 350 economists back Yellen for Fed chair
WASHINGTON – More than 350 economists have a signed a letter to President Barack Obama calling on him to nominate Federal Reserve Vice Chair Janet Yellen to be the Fed’s next chairman. The letter is designed to draw attention back to Yellen amid signs that Obama is leaning toward nominating his former economic adviser Larry Summers.
The letter, whose signers include economists with past ties to Obama, credits Yellen for prescience in warning in 2005 about an impending real estate meltdown, for her consensus style of leadership and for her commitment to job growth.
Obama is expected to announce his nomination as early as this month. Fed Chairman Ben Bernanke’s term ends Jan. 31, 2014.
“We believe that Janet Yellen is an extremely effective leader who has demonstrated her capacity to work with the other FRB governors and to bring important perspectives of the American people to her leadership and decisions.,” the letter states.
The White House on Tuesday declined to comment when asked about the letter.
Signers include Nobel Prize winner Joseph Stiglitz and Alan Blinder, a former economic adviser to President Bill Clinton and former Fed vice chair himself.