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Obama to nominate three for Fed

Janet Yellen, a former member of the Board of Governors, is expected to be named vice chairwoman. The president is also expected to name two to become board members.

April 28, 2010|By Christi Parsons, Los Angeles Times

Reporting from Washington — President Obama plans to name Janet Yellen to serve as vice chairwoman of the Federal Reserve, where she would play a crucial role in shaping monetary policy for the nation's banking system.

Yellen, 63, is a former member of the Fed's Board of Governors and has served as president and chief executive of the 12th District Federal Reserve Bank in San Francisco since 2004.

She will be appointed Thursday, according to a source who requested anonymity in order to speak about the candidates in advance of the official announcement.

Yellen is a professor emeritus at UC Berkeley, where she has been a faculty member since 1980. She took a leave from Berkeley in 1994 to serve as a member of the Fed board, then left that position to be chairwoman of President Clinton's Council of Economic Advisors.

Obama is also expected to name two others, Peter Diamond and Sarah Bloom Raskin, to serve as boardmembers, according to the source.

Diamond is an economics professor at the Massachusetts Institute of Technology and is the author of several books on economics. He's a longtime research associate of the National Bureau of Economic Research with an expertise in taxation.

Raskin is commissioner of financial regulation for the state of Maryland. She formerly served as banking counsel to the Senate Banking Committee and has worked at the Federal Reserve Bank of New York and the Joint Economic Committee of Congress.

All the nominees are subject to review by the Senate.

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cparsons@latimes.com

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