Romney Reiterates He Would Replace Bernanke

0 Posted by - August 24, 2012 - Career & Business, Economics, Elections, Money

2011 09 08T023141Z 01 BTRE787070X00 RTROPTP 3 POLITICS US USA CAMPAIGN BERNANKE JPG 475x310 q85 300x188 Romney Reiterates He Would Replace BernankeMitt Romney said Thursday that he would replace Federal Reserve Chairman Ben Bernanke, dismissing the advice of a top adviser who suggested this week that the chairman should be considered for a third term.

The presumptive Republican nominee told the Fox Business Network that as president, he would want to install someone new in the Federal Reserve post. Mr. Bernanke’s term ends in January 2014.

On Tuesday, Glenn Hubbard, a top economic adviser to Mr. Romney, told Reuters TVthat Mr. Bernanke should “get every consideration” to stay on at the Federal Reserve, calling the chairman a “model technocrat” and saying that he deserves a pat on the back.

The Fed chief hasn’t said publicly whether he would want a third four-year term, but many of his acquaintances believe he wouldn’t. A Fed spokesman declined to comment.

Mr. Romney said he appreciates the counsel of Mr. Hubbard and others but reiterated his plans to replace Mr. Bernanke. He declined to say whether Mr. Hubbard, whom he called a wonderful economic adviser, might be a candidate for the job. Many people would be considered, he said.

CONTINUED at the Wall Street Journal. Video at link.

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