March 13, 2010 |
Economist Janet L. Yellen, a California-based official of the Federal Reserve, has emerged as President Obama's likely nominee to be vice chairwoman of the central bank. Yellen, president of the Federal Reserve Bank of San Francisco and a former UC Berkeley professor who headed President Clinton's Council of Economic Advisors in the 1990s, would succeed 40-year Fed veteran Donald L. Kohn. Diane Swonk, chief economist at Mesirow Financial in Chicago and a former advisor to the Fed, said she had known Yellen for many years, calling her "one of the sharpest knives in the drawer."
February 23, 1996 |
Voting for continuity in monetary policy, President Clinton on Thursday nominated Alan Greenspan to a third term as chairman of the Federal Reserve Board and chose to fill two other central bank vacancies with a moderate White House budget official and a centrist economic consultant. The nominations signaled White House acceptance of an eight-year Greenspan stewardship of the Fed that has emphasized price stability over economic growth.
October 6, 1998 |
The central bank will try to cushion a coming economic slowdown, Federal Reserve Gov. Laurence Meyer said Monday, addressing growing fears that the global financial wildfire is intensifying. Fed policymakers decided last week to cut short-term interest rates for the first time in nearly three years, signaling that the Fed was prepared to act to offset clearly rising risks, Meyer told the National Assn. for Business Economics.
April 17, 1998 |
House Banking Committee Chairman James Leach (R-Iowa) said Thursday that his panel will hold hearings later this month on the recently announced bank mergers. "The case for greater competition and homogenization within the financial services industry--banking, securities and insurance--may be compelling, but the precept that banks should be intertwined with general commercial companies demands great scrutiny," Leach said.
March 2, 1996 |
Alan Greenspan, who has served as chairman of the Federal Reserve Board since 1987, got a different title Friday--temporary chairman of the Fed. The board voted to provide Greenspan with that designation because his term as chairman expires today and he has not yet been confirmed for another term. Fed officials said that under law the board has the power to designate a chairman pro tempore and that person can serve until the Senate confirms a permanent chairman.
November 26, 1985 |
The U.S. Chamber of Commerce, charging that the tax revision bill awaiting House action could "deindustrialize America," called on President Reagan and Congress today to abandon the current struggle for tax simplification. "It's time to take it off the table and put it aside," said chamber president Richard Lesher.