Federal Reserve Blog

Finance Blogs » Federal Reserve » End coming for Bernanke at the Fed?

End coming for Bernanke at the Fed?

By Mark Hamrick · Bankrate.com
Tuesday, June 18, 2013
Posted: 4 pm ET

With Federal Reserve Chairman Ben Bernanke in the final months of his second term, President Barack Obama has offered a strong hint that the central bank chief's tenure is coming to an end, with no extension.

Whether in congressional testimony, or when peppered by reporters' questions at his news conferences, Bernanke has steadfastly avoided direct comment on the question. At issue is whether Bernanke might consider staying on beyond the end of his term as chairman, which runs out in January 2014.

What Obama said -- and didn't say

At the end of an interview with Obama, PBS host Charlie Rose told the president, "Some people would like to see you announce that you are reappointing Ben Bernanke as chairman of the Fed."

According to a transcript, Obama replied, "Well, I think Ben Bernanke's done an outstanding job. 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."

Rose then asked, "But if he wanted to be reappointed, you would reappoint him?" That's where Obama's relative silence may have been loud and clear. Said the president, "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."

The Fed boss may have more to say

Bernanke himself will have another opportunity to address the question of his future directly, at his Wednesday afternoon news conference following the Fed's two-day policy-setting session.

His first term as chairman began in February 2006, after he was nominated by President George W. Bush. He also served as chairman of the President's Council of Economic Advisers in the Bush administration.

Bernanke, who turns 60 in December, spent his career in academia before serving in Washington, D.C. It is widely speculated that Fed Vice Chair Janet Yellen is his most likely successor. The decision on the nomination is up to Obama. The nominee must then be confirmed by the Senate.

Follow me on Twitter: @hamrickisms

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
2 Comments
Not Don
June 19, 2013 at 10:30 am

Yesterdy wouldn't be soon enough for this bozo. Helicopter Ben is ruining the poor in America.

ray bracken
June 19, 2013 at 1:27 am

This guy doesn't know anything about economics ,rates need to go up so people will put money in the banks ,not taking money out. Also tell that bone-head president quit giving money away . You can only spend what you put in ,and the money coming out can not be any greater. That is how anybody pays their bills . Doesn't any of those fools know that.