The Federal Reserve Bank of New York asked a judge to dismiss a lawsuit filed by a former bank examiner who alleged she was fired for refusing to change findings about Goldman Sachs Group Inc.’s conflict of interest policy.
Federal Reserve policy makers have publicly debated whether to maintain their bond-buying pace since well before Janet Yellen was named last month to succeed Chairman Ben S. Bernanke. One voice has been missing: Yellen’s.
Janet Yellen is poised to take charge of a Federal Reserve System where boardroom dissent has become increasingly rare, making the central bank’s governing body an unusual example of harmony in a divided capital.
Federal Reserve Bank of Kansas City President Esther George, who has opposed Fed stimulus this year, said dissenting views representing regional differences and criticism of the central bank bolster its trustworthiness.
The Flat Earth Society has all but disappeared, but the efficient-market hypothesis is alive and well. This week, the Nobel Memorial Prize in Economic Sciences was awarded to its most tenacious advocate, Eugene F. Fama of the University of Chicago.
President Barack Obama plans to nominate Janet Yellen as the next chairman of the Federal Reserve Board. In doing so, he will promote the pre-eminent policy economist of her generation to the role of the most powerful central banker in the world.