Obama aide: Janet Yellen is "leading contender" for Fed Reserve slot

Mar 12, 2010 — USA Today

Economist Janet Yellen is the "leading contender" to be President Obama's pick for vice chairwoman of the Federal Reserve Board.

White House Press Secretary Robert Gibbs confirmed that Yellen, president of the Fed's bank in San Francisco, is now Obama's top choice to replace Donald Kohn, who is retiring in June. Yellen is a former chairwoman of the White House Council of Economic Advisers, serving President Bill Clinton. Gibbs said Yellen "is somebody with great expertise in macroeconomic issues."

The Fed, the nation's central bank, sets national monetary policy. Obama may also get a chance to fill two more slots at the Fed, and Gibbs says Sarah Raskin and Peter Diamond are under consideration.