While eyes are focused on the nomination for Fed Chairman Nominee Janet Yellen, one topic matter that is not under her control is the vacancy for a Fed vice chairman for supervision. Per The Wall Street Journal:
It is up to President Barack Obama to nominate a candidate for the job, a new role within the seven-member Fed board created by the Dodd-Frank financial law more than three years ago. He has yet to do so, frustrating Republican critics and some Democratic supporters of the law.
Dodd-Frank charged the new vice chairman with developing policy recommendations on bank regulation and with overseeing the Fed's efforts to ensure the financial firms under its umbrella are sound and don't pose a threat to the broader economic system. The post is meant to ensure the central bank maintains a focus on regulation at the highest level after officials let the portfolio languish in the years before the financial crisis.Sponsor Content