Bernanke may not stand for third term at Fed Reserve

US Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Barack Obama wins the November 6 election, a media report said.

Republican presidential nominee Mitt Romney has already said he would not re-nominate Bernanke if he wins the presidency. Bernanke’s term as chairman ends in January 2014.

[caption id=“attachment_500244” align=“alignleft” width=“380”]  Republican presidential nominee Mitt Romney has already said he would not re-nominate Bernanke if he wins the presidency. Reuters[/caption]

The Fed’s unconventional efforts to spur growth have been criticized by many who argue that they threaten future inflation and abet profligate spending in Washington.

Treasury Secretary Timothy Geithner has already made it clear he wants to leave by the end of the year.

More from Economy

Inflation likely to be a big focus area for budget 2024, say sources Explained: Will the Bank of Japan break tradition and raise interest rates?

Former Treasury Secretary Lawrence Summers would be at the top of Obama’s list to replace Bernanke if he did not offer for re-nomination, columnist Andrew Ross Sorkin wrote.

Longer shots include Janet Yellen, the vice chairwoman at the Fed, and economist Alan Krueger, a former assistant secretary of the Treasury for economic policy – or even Geithner, Sorkin wrote in his “Dealbook” column.

Glenn Hubbard, who headed the President George W. Bush’s Council of Economic Advisers, is often mentioned as Romney’s most likely nominee for the Fed job.

Reuters