President Obama taps Janet Yellen

President Obama is turning the Federal Reserve into his own little research program. He appears ready to name Janet Yellen as vice chairwoman of the central bank that has huge influence over the American economy. This of course would need Senate approval and we hoped that he asked if she paid her taxes. You might remember her as most of President Obama appointments she also worked for President Clinton as a top adviser to him on monetary policy. If the Senate confirms her and his two other nominees, this president will have appointed five of the seven members of the Federal Reserve Board. Yellen right now is serving as president of the Federal Reserve Bank of San Francisco. The job nominated for is the vice chair, and making her the second-highest ranking Fed official, serving directly under Fed Chairman Ben Bernanke, who has begun a second term. The two other nomination are Sarah Raskin a Maryland commissioner of financial regulation and Peter Diamond is an economist at the Massachusetts Institute of Technology. As far as her bio her full name is Janet Louise Yellen she was born August 13, 1946 in Brooklyn, New York. She is a Professor Emeritus at the University of California, Berkeley’s Haas School of Business, where she was the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics and has been a faculty member since 1980.

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