Two Yale graduates are on track to be named to the Federal Reserve Board, the seven-member body that oversees the nation’s monetary policy, the White House said Friday.
Janet Yellen GRD ’71, a former alumni fellow of the Yale Corporation, is expected to be nominated to be the board’s vice chairman, replacing Donald Kohn, who is retiring in June. Currently serving as president of the San Francisco Fed, Yellen was an adviser to President Bill Clinton LAW ’73 and is widely considered to be concerned by unemployment more so than inflation.
At Yale, her dissertation was titled “Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach” and was completed with the guidance of the Nobel Laureates James Tobin and Joseph Stiglitz.
White House Press Secretary Robert Gibbs also confirmed Friday that Peter Diamond ’61 is under consideration to fill one of the two other open seats on the board. The Massachusetts Institute of Technology professor is an expert on Social Security. He received his undergraduate degree in Mathematics and was in Pierson College.
The Associated Press contributed reporting.