Obama to Name SF Fed’s Yellen as Fed Vice-Chair

Bloomberg’s Hans Nichols and Scott Lanman write this afternoon that President Obama is preparing to name three candidates to the Federal Reserve Board on�Thursday, including San Francisco Reserve Bank president Janet Yellen as a replacement for outgoing Fed vice-chair Donald Kohn, and two others, Sara Raskin and Peter Diamond, who would fill two empty slots on the seven-member board, citing anonymous sources.

The senate must confirm the nomnees.

Yellen, former President Bill Clinton’s Chief Economist, is known as an advocate of low rates, according to the authors. Raskin is head of financial regulation in Maryland and Peter Diamond is a professor of economics at MIT whose book “Saving Social Security” from the Brookings Institution was written with Office of Management and Budget director Peter Orszag.