UPDATE 4-Obama won’t fill Fed seats this week

* White House aims to fill vacant seats quickly

* Senior administration official says no decision yet
(Adds Insider interview with former Fed governor Meyer)

By Jeff Mason

WASHINGTON, March 2 (BestGrowthStock) – President Barack Obama
wants to move quickly to fill vacancies on the Federal Reserve
Board, but has made no decision yet and will not be announcing
appointments this week, White House officials said on Tuesday.

Fed Vice Chairman Donald Kohn announced on Monday he will
retire in June. His departure means Obama has three seats to
fill on the Federal Reserve’s seven-member board.

“Obviously they are readying those appointments and going
through names. I don’t have a timeline on when those would come
yet,” White House spokesman Robert Gibbs said, adding the White
House was well aware of the importance of filling the seats.

“We’re very cognizant, obviously, of the vacancies and want
to … get those filled quickly,” he told reporters.

Obama’s selections could influence how quickly the Fed
raises interest rates and how aggressively it takes on its
post-crisis regulatory responsibilities.

Gibbs indicated there might be more information about the
process later in the week. The White House has said previously
it would nominate Kohn’s replacement in time for confirmation
before his term ends on June 23.

A senior administration official said on Tuesday that the
president would not announce names this week, however.

“The president has not made any decisions and no offers
have been made to fill the vacancies at the Fed,” the official

The president’s nominees will require confirmation by the
U.S. Senate.

Kohn’s departure gives Obama the opportunity to put his
stamp on the U.S. central bank, filling a top slot in addition
to two long-vacant governor positions.


An opportunity to reshape the Fed Board:

Interview with former Fed governor Laurence Meyer



Obama, a Democrat, renominated Ben Bernanke as Fed chairman
in August, and the Senate approved his nomination in January to
a second term, despite a series of contentious hearings.

Republican President George W. Bush named Bernanke to
succeed Alan Greenspan as Fed chairman in 2006.

(Additional reporting by Mark Felsenthal, editing by Anthony

UPDATE 4-Obama won’t fill Fed seats this week