Janet Yellen to Lead the Federal Reserve
Janet Yellen,
chairwoman of the Federal Reserve
Janet L. Yellen will be moving up from vice chair of the board of governors of the Federal Reserve System to become chairwoman of the Federal Reserve after confirmation by the U.S. Senate earlier this week.When she becomes Fed chair on Feb. 1, it will mark the first time a woman will be running the Fed, created in 1913. President Obama nominated Yellen in October.
During her forthcoming four-year term, Yellen, 67, will likely oversee the phasing out of the Fed’s quantitative easing strategy of monthly purchases of $85 billion in Treasury and mortgage bonds, intended to maintain fairly low interest rates for U.S banks.
Yellen has been vice chair since Oct. 4, 2010 serving a four-year term slated to end Oct. 4, 2014, officials say. At the time of her appointment, Yellen simultaneously began a 14-year term as a member of the board slated to expire Jan. 31, 2024. Before her time as vice chair, Yellen served as president and CEO of the Twelfth District Federal Reserve Bank, at San Francisco.
Yellen is professor emeritus at the University of California at Berkeley where she was the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics and has been a faculty member since 1980, officials say. Her academic career includes a leave from Berkeley for five years starting August 1994.
During those five years, Yellen served as a member of the board of governors of the Federal Reserve System through February 1997, and then left the Federal Reserve to become chair of the Council of Economic Advisers through August 1999. She also chaired the Economic Policy Committee of the Organization for Economic Cooperation and Development from 1997 to 1999.
Yellen graduated summa cum laude from Brown University with a degree in economics in 1967, and received her Ph.D. in Economics from Yale University in 1971.
CFTC Appoints Co-Chiefs of Staff and Co-Chief Operating Officers
The acting chairman of the CFTC Mark Wetjen has named Joseph Cisewski and Scott Reinhart as co-chiefs of staff and co-chief operating officers (COOs) — two officials involved in more than 60 CFTC rules, orders, and interpretations over the past two years — to help push reforms in derivatives trading over the coming months, officials say.
Cisewski will oversee activities in the CFTC’s Office of the General Counsel, Office of the Chief Economist, and Divisions of Swap Dealer and Intermediary Oversight and Clearing and Risk, officials say. Cisewski also will coordinate with Congress and other agencies in the executive branch and serve as the agency’s deputy to the Financial Stability Oversight Council.
Reinhart will be responsible for the CFTC’s Office of International Affairs, including the agency’s coordination with foreign regulators, and divisions of market oversight and enforcement. Reinhart will also oversee personnel and administrative initiatives and actions in the CFTC’s Office of the Executive Director.
In addition, Cisewski and Reinhart will jointly coordinate and oversee budget and strategic planning processes.
Cisewski has served as special counsel and policy advisor to Wetjen since the commissioner’s confirmation in 2011. In that role, he advised Wetjen on the CFTC’s implementation of final rules, orders and interpretations of the Dodd-Frank Act and on enforcement and administrative matters. He has also served as an attorney for the CFTC’s division of market oversight, where he was deputy lead counsel on rulemaking teams responsible for drafting the rules governing swap execution facilities and other registered entities.
Reinhart has been working as a special counsel and policy advisor for Wetjen since 2011 and advised him on final rules, orders and interpretations of Dodd-Frank. He joined the CFTC from the Global Markets Financing and Futures Client Solutions Group at Bank of America Merrill Lynch, where he was responsible for managing prime brokerage client relationships and facilitating client onboarding. He also coordinated among diverse business units within BofA-Merrill Lynch as part of the bank’s Dodd-Frank Act compliance efforts.
DTCC Hires Deputy General Counsel from CME Group
A former managing director and deputy general counsel at CME Group will be taking the same position at post-trade services utility DTCC, officials say. Ann Shuman will oversee the legal functions of the industry utility’s clearing and settlement areas and the corporate secretary function.
Shuman will also serve as a senior member of DTCC’s legal team and will collaborate with the executive team and business areas on the strategic development, asset protection, reputational, legal and other operational management issues, officials say.
Shuman, who has worked for the CME Group since 2000, has nearly two decades of experience in the financial services industry. She reports to Larry Thompson, managing director and general counsel for the DTCC.
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