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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Obama eyes Fed picks in central bank revamp AFP - Saturday, March 13 Send IM Story Print US President Barack Obama plans to nominate San Francisco regional central bank chief Janet Yellen, a policy dove, as Federal Reserve Board number two, news reports said Friday. WASHINGTON (AFP) - – US President Barack Obama is strongly considering three candidates to fill vacancies at the Federal Reserve board, the White House said as he moves to revamp the central bank. San Francisco regional central bank chief Janet Yellen, a policy dove, is a "leading contender" to becoming number two at the board, under Fed chairman Ben Bernanke, White House spokesman Robert Gibbs told reporters. Obama also gave strong billing to Pete Diamond, a Massachusetts Institute of Technology (MIT) economist, and lawyer Sarah Bloom Raskin, a commissioner of financial regulation in the state of Maryland, in his bid to fill the two other vacancies, Gibbs said. Gibbs spoke to reporters when asked to confirm media reports that Obama wants to nominate Yellen to succeed current vice chairman Donald Kohn, who intends to retire when his four-year term expires in June. He indicated that if Yellen were the president's choice, she could be nominated before Kohn's term expired. He would not give a timetable for the other two nominees. All three nominations require Senate confirmation. "We are hoping to fill the vacancy of the vice chair in time for the end of the current term, which is June, and I would say Sarah Raskin and Peter Diamond are also under strong consideration for additional vacancies," Gibbs said. Obama renominated Bernanke to a second four-year term last year and he was confirmed by the Senate in January after a divisive debate. Apart from backing Bernanke's reappointment, Obama tapped former Georgetown University law professor Daniel Tarullo to fill a vacancy on the board, just after becoming president in January 2009. By filling another three vacancies, Obama will have determined five of the seven places on the Fed's board of governors, which is responsible for implementing monetary policy as well as serving on the Federal Open Market Committee, which sets US interest rates. Obama has a "historic opportunity to reshape the Fed," said five senators, four of them from his Democratic party and one independent in a letter Friday to the president. "At this moment of great economic pain for millions of working families, we strongly urge you to appoint candidates to these positions who will fight to protect the interests of the American middle class and small businesses," said the letter. The changes at the Fed could have a "significant impact on monetary policy from here and accordingly could prove important market movers," said currency analysts Camilla Sutton and Sacha Tihanyi of Scotia Capital. Yellen, 63, is seen by analysts as having strongly backed Bernanke's policy of virtually zero interest rates to boost growth and reduce high unemployment and a massive expansion of the central bank's balance sheet to fight the deep economic downturn. "Looking for an ally to paper over the administration's gaping fiscal holes, it is not surprising that President Obama made this selection," said Peter Schiff, president of Euro Pacific Capital, citing the ballooning budget deficit crisis facing Obama. "Yellen has consistently downplayed the dangers of inflation and has made statements that indicate she views the Fed as an extension of the Labor Department, rather than a guardian of our currency," Schiff said. She was chair of the Council of Economic Advisers from 1997 to 1999 under then-president Bill Clinton and is regarded as among the more dovish policy makers of the Fed's 12 regional bank presidents. Her husband, George Akerlof, is a Nobel Prize-winning economist. Top officials, including US Treasury Secretary Timothy Geithner, were still talking to Yellen about the position, a senior administration official told The New York Times. Diamond, 69, has taught at MIT since 1966 and is linked to the Obama administration. He wrote a book on social security with Peter Orszag, who is head of the White House office of management and budget. As Maryland financial regulation commissioner, Raskin, 48, is involved in consumer protection affairs. 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