U.S. President Barack Obama nominates Janet Yellen to become the next chair of the Federal Reserve after Ben Bernanke leaves that office.
The United States Senate Committee on Banking, Housing, and Urban Affairs approves three of President Barack Obama's nominees to the Federal Reserve, including the nomination of Stanley Fischer to be its vice chairman.
The chairman of the U.S. central bank, the Federal Reserve, likely will not stand for re-election to that post. Ben Bernanke has reportedly told friends he will leave when his term ends in January 2014 regardless of who wins the Presidential election campaign.
Paul Volcker steps down as the head of U.S. President Barack Obama's advisory panel, the Economic Recovery Advisory Board. Volcker, a former chairman of the Federal Reserve, was the guiding force behind recent legislation pressing investment banks to spin off their proprietary trading and branded hedge funds.
Ben Bernanke, the Chair of the Federal Reserve, says the United States Federal Reserve is prepared to act against the prospects of deflation but expects economic growth to continue during the latter half of 2010 "albeit at a relatively modest pace."
A spokesman for U.S. President Barack Obama expresses the administration's support for a second term for the incumbent Chairman of the Federal Reserve, Ben Bernanke, and says lawmakers would send a bad message by "playing politics in any way" with Bernanke's confirmation.