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April 4, 2014

A chance to reshape the Federal Reserve

“In the coming months, President Barack Obama will have the opportunity to make over the Federal Reserve Board of Governors and put his stamp on the U.S. central bank for years to come.”

“Along with naming a new chairman, he will be able to fill as many as four seats on the seven-member board.”

“The question is whether Obama will use his picks as an opportunity to emphasize the Fed’s new role as the top regulator of Wall Street banks, or follow the more traditional path of choosing nominees steeped mostly in the central bank’s role of overseeing the country’s monetary policy.”

“There is pressure and will continue to be pressure to have a stronger, much stronger, regulatory and financial stability expertise on the Fed board,” said a Senate Democratic aide who follows financial oversight issues. “I don’t think you can just fill the board with pure macroeconomists and just let it loose.”

“The issue of whether enough emphasis is being put on the Fed’s regulatory role has moved from being a wonkish worry to a potent political concern.”

“The possible nomination of Larry Summers to be Fed chairman was scuttled by liberal senators earlier this year over worries he would not be tough enough on Wall Street. Summers withdrew his name from consideration in September, and the president nominated Fed Vice Chairwoman Janet Yellen to replace Chairman Ben Bernanke.”

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Read full Politico Pro article here.

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