Monday 22 July 2019

Obama seeks new Federal bank chief

Steve Holland

President Barack Obama has hinted that he may be looking for a new chief of the US Federal Reserve Bank, saying Ben Bernanke has stayed longer than the chairman had planned.

Mr Obama compared Bernanke to long-time FBI director Robert Mueller, who agreed to stay two years longer than he had planned and is to leave in the coming months.

"Ben Bernanke's a little bit like Bob Mueller, the head of the FBI – where he's already stayed a lot longer than he wanted or he was supposed to," Obama said.

Asked whether he would reappoint Mr Bernanke if he wanted to keep the job, Mr Obama did not answer directly.

"He has been an outstanding partner, along with the White House, in helping us recover much stronger than, for example, our European partners, from what could have been an economic crisis of epic proportions," Obama said.

Mr Bernanke, who nursed the US economy through the 2008 financial crisis, is expected to step down when his second term ends in January.

Mr Obama is said to be considering several monetary experts for the job, including Fed Vice Chair Janet Yellen, former US Treasury Secretary Lawrence Summers, and former Treasury Secretary Timothy Geithner. (Reuters)

Irish Independent

Also in Business