With so much focus on the Supreme Court, we’ve forgetting that soon the chairmanship of the Federal Reserve Board will be vacant. Today the White House has released the criteria for the job.
1. Experience with banking laws or economic theory is optional.
2. Ivy League applicants are discouraged.
3. Particular attention will be given to the first woman to have managed a branch office of a major bank.
4. No record of commenting on interest rates, money supply or inflation is required.
5. Preference will be given to the president’s personal banker.
The good news is that the chairmanship of the Fed is not a lifetime appointment.