San Francisco Fed’s John Williams is Being Considered as the Fed’s No. 2

SF Federal Reserve President John Williams and EconomicPolicyJournal.com's Robert Wenzel 

A local guy is being considered for the vice-chairmanship of the Federal Reserve.

The White House is considering John Williams, the president of the Federal Reserve Bank of San Francisco, as a candidate to serve as the vice chairman of Federal Reserve Board in Washington, reports The Wall Street Journal.

Williams succeeded Fed Chairwoman Janet Yellen as the San Francisco Fed leader in 2011, after. Yellen was tapped by President Barack Obama to serve as the Fed’s vice chairwoman in 2010.

Williams previously served as the bank’s research director, reporting to Yellen. Thus, Williams would be the type of fit the Trump Administration is looking for, a money printer, don't rock the boat-type, in the mold of Yellen.

Williams joined the San Francisco Fed in 2002 and previously served as a senior economist for the Fed board in Washington, joining the central bank in 1994.

I have cautioned that if Larry Lindsey is named vice-chairman, a name that has been floated about,  he could send the economy into a recession from the perch of influence as vice-chairman,m as he is an advocate of bubble busting. Willaims, on the other hand, is calling for newly constructed price inflation targets that would translate into less aggressive restraints on money printing. Price inflation would burn hot with Williams as vice-chairman.

 -RW