It is Yellen t and not Summers, as the next Fed chief. According to a survey, President Obama is expected to pick Janet Yellen as the next chairman of the Federal Reserve after Ben Bernanke. The Fed survey was organized by CNBC’ so as to get a feel of the President’s pick. Majority of the participants in the survey believe that Obama is going to choose Yellen. Ben Bernanke, who is the current chairman, has his term up in January. About 25% of the participants in the survey believed that Larry Summers, the former Treasury Secretary will be the next Fed chief. About 12 % believed that Obama should reappoint Bernanke.
The participants in the survey included strategists, traders and economists, who thought that the most important quality that the new Fed chairman should carry is the expertise in the monetary policy. The top priorities that need to be handled in the country are the sluggish economy and financial crisis. The new Fed chief should be able to handle these issues and have respect from financial markets. He should also have good communications skills. When judging the two prime competitors for the position, it was found that communications skills clearly.