More than 350 economists back Yellen for Fed chair

By Jim Kuhnhenn

Associated Press

Published: Wednesday, Sept. 11 2013 11:51 a.m. MDT

This photo combo shows Fed Vice Chair Janet Yellen, left, and former Treasury Secretary Lawrence Summers. Summers is the White House insider with a direct line to President Barack Obama. Yellen is the Federal Reserve veteran with a long list of congressional patrons. The two Ivy League trained economists have emerged as leading contenders to replace Ben Bernanke as chairman of the Fed, the nation's central bank.

Associated Press

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WASHINGTON — More than 350 economists have a signed a letter to President Barack Obama calling on him to nominate Federal Reserve Vice Chair Janet Yellen to be the Fed's next chairman. The letter is designed to draw attention to Yellen amid signs that Obama is leaning toward nominating his former economic adviser Larry Summers.

The letter, whose signers include economists with past ties to Obama, says Yellen understands the relationship between monetary policy and economic growth. It says she possesses a "nuanced understanding" of labor markets and that she has demonstrated an ability to hear all points of view.

Obama is expected to announce his nomination as early as this month. Fed Chairman Ben Bernanke's term ends Jan. 31, 2014.

The White House declined to comment on the letter.

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