In Stanley Fischer, the Federal Reserve would gain a financial statesman with contacts and credibility around the world as it begins to pull back on record stimulus, possibly unsettling foreign markets.
President Barack Obama recently said that choosing the next chairman of the Federal Reserve is “definitely one of the most important economic decisions that I’ll make in the remainder of my presidency.” The financial media appear to agree, devoting hundreds of column inches to speculation. Senators, overseas pundits and even Bette Midler have chimed in.
Roger Ferguson, chief executive officer at TIAA-CREF, and W. Michael Hoffman, executive director of the Center for Business Ethics at Bentley University, discuss the university's "Business Ethics and the Financial Service Sector" event. Ferguson and Hoffman talk with Bloomberg's Pimm Fox and Vonnie Quinn on Bloomberg Radio's "Taking Stock."
It had been two days since U.S. lawmakers negotiated all night to finish rules that would reshape the business of Wall Street. The 20-hour session left legislators, aides, lobbyists and regulators exhausted. Almost no one had a grip on all the details.
Former U.S. Treasury Secretary Lawrence Summers is indicating to President Barack Obama’s Wall Street supporters that he wants to become Federal Reserve chairman, according to people familiar with the matter, as he keeps in touch with senators who would vote on the nomination.
TIAA-CREF, the provider of retirement accounts for teachers and non-profit organizations, named Robert Leary as president of the asset-management business that has been expanding by overseeing funds for institutional investors.
Regulators should consider financial companies’ systemic roles to impose appropriate restrictions on firms whose collapse would cause the most damage, an international group of former and current central bankers said.