From One Dove to Another? Yellen Is Frontrunner to Replace Bernanke | White & Case LLP International Law Firm, Global Law Practice
From One Dove to Another? Yellen Is Frontrunner to Replace Bernanke

From One Dove to Another? Yellen Is Frontrunner to Replace Bernanke

With the end of Ben Bernanke's term looming overhead, the question of who will take over at the Federal Reserve remains. One likely candidate is Janet Yellen.

"She's not a 180 from Ben Bernanke. I think they are kindred spirits," said Ernie Patrikis, former general counsel of the New York Federal Reserve. "The lady is eminently qualified."

Yellen’s stance is dovish, having openly stated that the Fed shouldn't rush to cut quantitative easing too soon. "When the time comes for a change, will the people on the Federal Open Market Committee have the courage to make the change?" said Patrikis, currently a partner at White & Case. "I don’t know that a hawk would have any more courage than a dove. You can talk a good game, but you’ve got to do it." Patrikis added that he doesn’t see Yellen as "weak-kneed."

Yellen's selection would be groundbreaking, considering that there has not been a female president or a female Wall Street CEO before. "It's always nice to break another glass ceiling," Patrikis said, "but to me, it’s a nonevent." He said, "The question is: Is she the right person at the right time? I couldn’t say no to that."