Obama To Nominate Three Keynesians to Federal Reserve Board

Econophile's picture

From The Daily Capitalist

Here are the Obama Administration's three nominees to the Federal Reserve Board:

Janet Yellen, 63 
President, Federal Reserve Bank of San Francisco 
Prior Positions: Professor, University of California, Berkeley; Chair , White House Council of Economic Advisers; Governor, Federal Reserve Board 
Education: Yale , Ph.D. (Economics); Brown , B.A. (Economics)
Academic Interests: Unemployment and labor markets; monetary and fiscal policies; international trade and investment policy.

Peter Diamond, turns 70 on Thursday 
Professor, Massachusetts Institute of Technology
Prior positions: Professor, University of California, Berkeley 
Education: MIT, Ph.D. (Economics); Yale , B.A. (Mathematics)
Academic Interests: Social Security, pensions, taxation.

Sarah Bloom Raskin, 49 
Maryland Commissioner of Financial Regulation (Aug 2007 to present) 
Prior positions: Managing Director, Promontory Financial Group; General Counsel, Worldwide Retail Exchange; General Counsel, Columbia Energy Services Corp; Counsel, Senate Banking Committee; Staff, Federal Reserve Bank of New York; Staff, Congress's Joint Economic Committee 
Education: Harvard Law School, J.D.; Amherst , B.A. (Economics).

They are all prominent members of the Washington-Wall Street-Academia Economics Complex, whose members shift between government, Wall Street, and academia. All of the nominees are Keynesian economists. They are known as regulators, technocrats, and inflationists.

They will fly through the nomination process. This will mean that Obama will have appointed four of the seven governors of the Board.