Replacing Janet Yellen at the San Francisco Fed: Christina Romer?
So I guess you kids haven't been doing your duty and inundating the SF Fed with recommendations for yours truly to head up my hometown Fed bank and instead Christina Romer is dominating the buzz around Janet Yellen's soon-to-be-vacant position.
Yellen will leave behind the presidency of the Federal Reserve Bank of San Francisco, a plum position: It has a long tradition of presidents who are influential shapers of monetary policy, its district encompasses the entire western U.S. and more people than any other Fed district, and it regulates dozens of major banks, including the nation's fourth largest, Wells Fargo. And hey, San Francisco may have the nicest climate of any city with a Fed regional bank.
So who's in line for the job? In Washington, the most widely discussed candidate is Christina Romer, currently chairman of the Council of Economic Advisers in the White House. By all accounts she is enjoying the White House job, but there are several reasons that an appointment to the San Francisco Fed would make sense from a personal perspective: Romer has always viewed her Washington stint as a temporary affair, her teenage son begins high school this fall, and her husband David Romer went on leave from his post at Berkeley to come to Washington (he has been working at the International Monetary Fund).
Well there you go, Romer won't take the job, it would mean putting her son in the bottom 5% public school system in the country. Oh who am I kidding, the SF Fed chief makes twice as much as those podunk Fedheads in cheap locales like Kansas City and - ahem - Richmond so surely she'll find a great private school to plug him into. Like Mercy High, maybe? Bwhaha.
Anyway, I take issue with WaPo's description of our climate as best in the entire Federal Reserve System - it's only best if you enjoy hiding out in a hoodie 360 days of the year, dodging non-stop rain for 6 months out of the year and rocking a supremely awesome hipster tan year-round (for the uninitiated that means we don't get any damn sun). Hey, maybe Romer is into it or can figure out a way to spend most of her time supervising SF Fed's LA branch. Mmm hmm.
Get it, girl, get it. I need a new punching bag so start working on your moronic statements, I'm going to miss having Janet to rip on from homebase.