During an interview on CNBC, Warren Buffett strongly endorsed Ben Bernanke to be re-appointed Chairman of the Fed. “When you have a .400 hitter, you do not remove him from the lineup…I would not trade him”. Buffett further noted that Bernanke has done an outstanding job leading the Fed since the 2008 financial crisis. When asked his opinion about Janet Yellen, Buffett responded he does not know her and does not have a second choice for Fed Chairman.
(Note 1: I was a student of Janet Yellen in a doctoral course on macroeconomics at Harvard during the Spring 1973 semester. This was Yellen’s first year teaching at Harvard, and my first year as a doctoral student. I have stayed in touch with her over the years and have closely followed her career. If nominated and confirmed to be Fed Chair, I believe she would do a superb job. She is highly regarded by the economics profession. Her outstanding track record during her many years on the Board of Governors, including currently serving as Vice Chairman, as well as having been President of the San Francisco Fed, uniquely qualifies her for this position. )
(Note 2: As graduate students at Harvard, Larry Summers and I talked on numerous occasions. I have stayed in touch with him over the years and believe he would have been an excellent Fed Chairman if he had not withdrawn from consideration and had been nominated and confirmed for this position.)