The German government will nominate Claudia Buch as vice president of the Bundesbank, succeeding Sabine Lautenschlaeger as the only woman on the central bank’s board, said two people familiar with the coalition’s decision.
Boosting the minimum wage may cost as many as 500,000 people their jobs, said a new report from Congress’s financial scorekeeper that diminishes chances for an agreement on one of President Barack Obama’s priorities.
Intellectually, Ben S. Bernanke was prepared to tackle the gravest economic crisis since the 1930s as chairman of the Federal Reserve. A Princeton University economics professor, he was an expert on the causes of the Great Depression. He was a practitioner as well as economic historian, serving on the Fed’s Board of Governors and as chairman of President George W. Bush’s Council of Economic Advisers. Yet in other ways, from dealings with reporters to bankers and members of Congress, there was little that could have prepared Bernanke for the challenges to come. Here are some highlights of his eight-year term, which ends tomorrow:
Obamacare will reduce the hours Americans work by the equivalent of 2 million full-time jobs in 2017, the Congressional Budget Office said, sparking renewed Republican criticism of the law and a fresh defense from the White House.
As Federal Reserve Chairman Ben S. Bernanke shuts the door to his office for a final time in two days, he can say he took actions that were the first or the biggest of their kind in the central bank’s 100-year history. Some will probably also be the last.