Federal Reserve Nomination

96px-Ben_Bernanke_official_portraitThere is a robust debate going on right now about whether Larry Summers or Janet Yellen should be nominated as the next Chair of the Federal Reserve.  (Personally, I think Summers is a clown, but that’s not the point of the post.)  Does a nominee to the Federal Reserve count as an “executive nomination” for purposes of the Senate’s recent deal about filibusters?  I would think that the answer is no, because a Fed Governor has a fixed term and can only be removed for cause.  On the other hand, this is not a lifetime appointment like a federal judge would receive, and maybe that was the point of the deal (exclude judges and bills).

Ambiguity–what would lawyers do without it?

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2 Responses

  1. Dan Cole says:

    There’s certainly a debate going on, Gerard, and I guess you could call it robust. I’d be inclined to use other terms, such as sophomoric, ideological (as is to be expected), and woefully under-informed by the substantive qualifications of the respective candidates, which include others besides Yellen and Summers. It’s all driven, in my view, by Summer’s political radioactivity. If he were not a candidate, none of this would even be on the media’s radar right now.

    Dan

  2. Ken Rhodes says:

    Does a nominee to the Federal Reserve count as an “executive nomination” for purposes of the Senate’s recent deal about filibusters?

    I think not, for this reason: The deal about “executive nominations” was accepted by the opposition because it was limited to people who are nominated by the President specifically to serve the President within the Executive Branch.