Senate confirms two out of three Fed directors
After a last-minute deal between the two parties in the US Senate, two candidates for the Federal Reserve Board, Janet Yellen and Ellen Raskin, were confirmed yesterday. The third, MIT economist Peter Diamond, did not receive a confirmation vote. Yellen will also take over as vice-chair of the Fed.
Yellen is president of the San Francisco Federal Reserve Bank, and was nominated to the Fed board in May this year by US President Barack Obama. Raskin, the Maryland commissioner of financial
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