facebook
twitter
rss
account
search
search
 

Bernanke favored to head economic panel

Dec. 17, 2004 at 2:50 PM   |   Comments

WASHINGTON, Dec. 17 (UPI) -- The U.S. Federal Reserve's Ben Bernanke has emerged as the likely replacement for Greg Mankiw as chairman of the White House council of economic advisers.

Bernanke, a governor of the U.S. Federal Reserve system, had not formally been offered the position but had held meetings with key economic staff, the Financial Times reported Friday.

James Poterba, a professor at the Massachusetts Institute of Technology was also sounded out but made it clear he was not interested in the job.

Bernanke has the support of other economists and policymakers in and close to the administration and would, the FT said, accept the post if it were offered. He is also seen as a supporter of the broad outline of the Bush administration's aims of reforming Social Security, including introducing personal accounts, and tax reform.

"The administration has a problem with economic heavyweights," said David Hale, a Chicago economist. "Mankiw is a very smart guy but got into trouble for his comments on outsourcing. Bernanke could end up being the heavyweight the administration has not had in recent years," Hale said.

Mankiw is expected to return to academia once he leaves the CEA.

© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
North Dakota gets more gas processing capacity
2
Russia to take rubles, yuan for oil
3
Carrier hull section sent to Scotland for ship assembly process
4
Navy contracts for F-35-related construction work
5
Saab, U.S. Special Operations Command sign new deal for recoilless rifle
Trending News
Video
x
Feedback