The Complicated Path to Becoming Fed Chairman

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Nov. 21 (Bloomberg) -- Bloomberg Economics Editor Michael McKee explains the succession process at the Federal Reserve as Janet Yellen faces a Senate confirmation vote. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”

Ben bernanke has two jobs.

He is chairman of the federal reserve board of governors and the open market committee.

As far as chairman of the federal reserve board of governors, janet yellen, the vice-chairman would get a promotion.

He can stay as a governor until 2020. his term is not up.

His term as chairman expires -- he is not going to.

We assume he is not going to.

He may stay on for a little bit.

As far as a policymaking role, the vice chair of the fmoc is elected once a year in january by the members of the fmoc.

It always goes to the chairman of the fed, but in this case it would be an open contest.

You could keep ben bernanke because he is on the board, or you could put in janet yellen if you thought she was going to be confirmed.

The fourth option, you could pick anybody in the world.

There is no requirement that the chairman be a member of the fed.

The most likely thing is they would put janet yellen into the role.

There are a lot of different possibilities.

Didn't ortiz get in the most bwrite-in votes?

You could end up reporting fed chairman david ortiz.

We're going to hear from james buller.

That is coming up next.


This text has been automatically generated. It may not be 100% accurate.


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