The Fed shortlist: who will hold the second most important job? | Jeffrey Frankel

Central bank appointments are usually non-partisan, but in Trump's America nothing is certain and the president may ditch tradition

US President Donald Trump's administration is expected, by 2 November, to announce its choice, subject to Senate approval, to succeed Janet Yellen as chair of the Federal Reserve Board in February 2018. The White House has indicated it is weighing up five potential candidates. Not all of them would be a good choice.

The first candidate is Yellen herself. Though Yellen is a Democrat originally appointed by President Barack Obama, there is strong precedent for Trump to re-appoint her. Her three predecessors - Ben Bernanke, Alan Greenspan, and Paul Volcker - were each reappointed to second terms by a president of the opposite party from the one who first appointed them, reflecting the value of continuity and predictability in central banking.

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