Economists lobby for Federal Reserve nomination
WASHINGTON- President Obama has food for thought when he selects the new Chairman of the Federal Reserve after 350 economists signed a letter supporting another candidate. The President shows signs of leaning toward nominating his former economic adviser Larry Summers. The economists lobbied for Federal Reserve Vice Chair Janet Yellen saying Yellen understands the relationship between monetary policy and economic growth. The letter says she has a "nuanced understanding" of labor markets and has demonstrated an ability to hear all points of view. Federal Reserve Chairman Ben Bernake's term ends in January and President Obama is expected to announce his nomination as early as this month. Some of the economists who signed the letter have past ties to the Obama administration and the White House would not comment on the letter.