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Bernanke Departure With Duke Heralds Cascade Of Fed Appointments

Friday, July 12, 2013 - 5:29 PM
From Bloomberg
Elizabeth Duke’s resignation from the Federal Reserve Board and Chairman Ben S. Bernanke’s potential departure in January could set off a series of vacancies and appointments that give President Barack Obama the opportunity to leave his mark on the Fed for a decade or longer.

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4
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Friday, July 12, 2013 - 5:41 PM
Based upon the hesitency on the part of the Senate to confirm President Obama's past appointments I don't think this is going to be a smooth appointment process.

"As stipulated by the Banking Act of 1935, the President appoints the seven members of the Board of Governors of the Federal Reserve System; they must then be confirmed by the Senate and serve for 14 years.  Once appointed, Governors may not be removed from office for their policy opinions. The chairman and vice-chairman are chosen by the President from among the sitting Governors for four-year terms; these appointments are also subject to Senate confirmation."
7
ShorebreakShorebreak2,624 posts since
Apr 6, 2010
Rep Points: 14,220
2. Saturday, July 13, 2013 - 1:59 PM
All I can say to this one is "hold on to your hat."
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
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