Bloomberg News Much of the media attention surrounding President Barack Obama's selection of Janet Yellen as the next chairman of the Federal Reserve has focused on Ms. Yellen's views and the potential changes she could make to Fed policy. While these are extremely important points to consider in light of her nomination, the changing composition of the central bank's board of governors is also an important issue to take into account when predicting the future direction of the Fed.
If Ms. Yellen is confirmed by the Senate, she will replace Ben S. Bernanke as chairman, and her confirmation would leave a vacancy on the board of governors for a vice chairman's position. In addition, two of the board's seven members — Sarah Bloom Raskin and Elizabeth Duke — have resigned, and Jerome Powell's term expires on Jan. 31, leaving a total of four vacancies on
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