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White House Considers Two Economists for Fed Vice Chair

White House is considering Janice Eberly and Karen Dynan, former Treasury economists, for the Fed Vice Chair position. Biden weighs appointment while Austan Goolsbee faces resistance from some Democrats.

Karen Dynan
Karen Dynan

According to the Wall Street Journal, the White House is considering two economists with ties to the Obama administration for the Vice Chair position at the Federal Reserve. Janice Eberly and Karen Dynan served as the Chief economists at the Treasury Department during Barack Obama's presidency and received support from current Treasury Secretary Janet Yellen.

Biden Weighs Fed Vice Chair Appointment

President Joe Biden is evaluating potential candidates for the Vice Chair position at the Federal Reserve after Lael Brainard, the previous Vice Chair, left the central bank to become one of Biden's chief economic advisers. Eberly holds a PhD in economics from MIT and currently serves as Senior Associate Dean at Northwestern University's Kellogg School of Management. At the same time, Dynan has a PhD in economics from Harvard University and is a professor there.

Janice Eberly
Janice Eberly

Goolsbee Facing Resistance for Fed Vice Chair

The White House has declined to comment on the potential appointment but has indicated that a nomination will be made soon. The Wall Street Journal previously reported that Austan Goolsbee, another veteran of the Obama administration and current President of the Federal Reserve Bank of Chicago, was under consideration for the Vice Chair position. However, the paper now reports that Goolsbee has faced resistance from some Democrats advocating for Biden to appoint a woman or person of color to the job.