Discussions continue to swirl around Washington, Wall Street, and even on Main Street regarding whom the President should nominate as the next Federal Reserve Board Chairman. My vote goes for Dr. Janet L. Yellen.
Although I know and respect all of the frontrunners, Dr. Janet Yellen is the most qualified. First, she has deep experience at the Federal Reserve in Washington, serving previously as a Board member and now as its Vice Chairman. Second, she understands regional perspectives, honed during her tenure as President of the Twelfth Federal Reserve District in San Francisco. Third, she has demonstrated her understanding of economics and insightfulness in achieving the best forecasting record among her colleagues during the past four years. Governor Yellen was also one of the few warning of the risk of a financial crisis back in 2007.
Fourth, she is an excellent listener, a trait that would help build a consensus among her associates and enhance her knowledge of economic and financial forces at work. Fifth, she is a clear communicator, critical to speaking to Congress, the public, the media, and Wall Street. Finally, she is honest, kind, and compassionate—characteristics we critically need of in our public leaders.