WASHINGTON šC In Iowa while campaigning in 2007, then-Senator Barack Obama refused to comment when asked about the Federal Reserve, citing the institution¡¯s independence.
President Obama may be wishing he¡¯d heeded that advice.
Since the president in an interview with Charlie Rose June 16 indicated he wouldn¡¯t reappoint Federal Reserve Chairman Ben Bernanke, intrigue over his successor has grown to a level where Fed experts and former administration officials are concerned that the selection process is so political it could have long-lasting ramifications for the markets, the eventual nominee¡¯s confirmation hearings and the Fed as an institution.
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