President Barack Obama said the decision on a nominee to become Federal Reserve chairman hasn’t been slowed by the standoff on the budget and the partial government shutdown.
In a recorded interview with CNBC, Obama said the selection process to replace Fed Chairman Ben S. Bernanke is proceeding. He didn’t give any indication of who he is considering.
“Ben Bernanke’s still there and he’s doing a fine job,” Obama said. “The shutdown is not slowing down the vetting. The person I’m going to end up appointing will be someone who reflects the Fed’s dual mandate” to keep inflation and unemployment low.
The Fed’s current vice chairman, Janet Yellen, 67, is the leading contender to succeed Bernanke. Senator Dick Durbin of Illinois, the No. 2 Democrat in the chamber and a longtime Obama ally, said last month that he “would bet a few bucks” that the president will pick Yellen.
Bernanke’s term expires Jan. 31.
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