Thursday, December 18, 2008

Obama Announces Tarullo to Fill Empty Fed Slot

President-elect Barack Obama will name Daniel Tarullo, a Georgetown University law professor, to take an open seat on the Federal Reserve Board.

Tarullo has no special understanding, if any, of the business cycle, monetary theory or inflation. Do not expect him to have much impact on the Fed Board. He's filler, who won't make waves and will back the inflation regime.

The ultimate insider, Tarullo held several senior positions in the Clinton administration, ultimately as Assistant to the President for International Economic Policy.

Prior to his appointment to that position, he had been Deputy Assistant to the President for Economic Policy, with special responsibility for regulatory and international issues. He was also a principal on both the National Economic Council and the National Security Council.

Before joining the administration,Tarullo practiced law in Washington. He spent a year as a senior fellow at the Council on Foreign Relations. He is currently a non-resident senior fellow at American Progress.Healso was Chief Counsel for Employment Policy on the staff of Senator Edward M. Kennedy.

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