TREASURY ECONOMIST ALICIA Munnell, a 20-year veteran of the Federal Reserve, is emerging as the front-runner to replace retired Fed Governor John LaWare. While the White House maintains that no decision has been made, Munnell, 52, has the backing of Treasury Secretary Robert Rubin and National Economic Council chief Laura D'Andrea Tyson. As research director at the Boston Fed, Munnell wrote a 1992 report on racial bias in mortgage lending that discomfited some senior Fed officials. GOP appointees, who dominate the central bank, may not like her economic views much better: Munnell doesn't share their dedication to inflation fighting.
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