Romney says he won't renominate Bernanke

[n2doc]

By Steve Goldstein
WASHINGTON (MarketWatch) -- Republican presidential candidate Mitt Romney pushed back on an interview given by one of his advisers earlier in the week that suggested he would be willing to renominate Federal Reserve Chairman Ben Bernanke. Speaking to Fox Business Network, Romney said: "I always listen to people who have counsel and advice but my view has been that I would want to select someone who is a new member, excuse me, a new person to that chairman position, someone who shared my economic views, was sympathetic to the needs of our nation and I want to make sure the Federal Reserve focuses on maintaining the monetary stability that leads to a strong dollar and confidence that America is not going to go down the road that other nations have gone down to their peril." While Romney says he hasn't considered a single person, he added that Glenn Hubbard, who had given that interview earlier in the week, is "a wonderful economic adviser," and that Greg Mankiw is "likewise an excellent economic adviser."

http://www.marketwatch.com/story/romney-says-he-wont-renominate-bernanke-2012-08-23

[Panasonic]

1. Rmoney won't get a chance to nominate ANYBODY

Hopefully Fat Tony, and Clarence dies of heart attacks during Obama's 2nd term so we can ensure a long liberal SC.

[wryter2000]

2. Does he have to be renominated?

I seem to recall a bit of a flap when McCain said he'd fire Bernanke and then it turned out he couldn't fire him. I thought the president initially nominated the fed chair but then he had the job for as long as he wanted it.

Someone here will know the answer.

(BTW, isn't that sentence of Romney's kind of Palin-esque?)

[Ed_Hocken]

4. Here's the answer...

Bernanke's term as Chair of the Fed ends in 2014 and he's on the Board of the Federal Reserve til 2020.

http://www.federalreserve.gov/aboutthefed/bios/board/bernanke.htm

...and from Wiki re: whether the POTUS "appoints" the Fed Chair:

"As stipulated by the Banking Act of 1935, the President appoints the seven members of the Board of Governors of the Federal Reserve System; they must then be confirmed by the Senate and serve for 14 years.[2] Once appointed, Governors may not be removed from office for their policy opinions. The chairman and vice-chairman are chosen by the President from among the sitting Governors for four-year terms; these appointments are also subject to Senate confirmation.[3]"

http://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve

[wryter2000]

5. Thanks

And welcome to DU!

[LiberalAndProud]

3. Glenn Hubbard shares Romney's economic views. 'nuff said.

http://www.glennhubbard.net/papers/407-the-romney-program-for-economic-recovery-growth-and-jobs.html

Anti-regulation:

Declines in business investment and employment were particularly sharp in this recession. Far from being a lightning bolt hitting a smoothly running economy, the crisis was exacerbated by structural biases against business investment (from the tax code and regulation), financial imbalances (particularly fueled by biases against private saving and by the need to borrow abroad to finance our government deficits), and regulatory choices (excessive promotion of housing investment and inadequate attention to existing financial regulations and the rise of and consequences of shadow banking). No single party or administration is responsible for structural headwinds to growth, but the Obama administrationís errors and choices exacerbated the economy's structural problems and weakened the recovery.

Free trade:

In addition to these policy errors, the Obama administration has made choices to bypass reforms that would jumpstart long-term growth and job creation. Such reforms would address our anti-competitive tax code and unsustainable trajectory of federal debt – but the president ignored his own deficit commission and submitted no plan for entitlement reform. Treasury Secretary Geithner famously told the Congress that the administration was putting forth no plan, but 'what we do know is that we don't like yours.'

Such reforms would also emphasize opening global markets for American goods and services, and improving access to goods and services for American consumers. Yet the president has made no contribution to the global trade agenda, and was only recently dragged into supporting individual trade agreements.

Click the link for four main economic pillars.
(reduce spending, reduce taxes, reduce Social Security and Medicare, de-regulate industry)

http://www.glennhubbard.net/papers/407-the-romney-program-for-economic-recovery-growth-and-jobs.html