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Yellen to replace Stiglitz
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December 18, 1996: 8:58 a.m. ET
Fed gov. expected to receive nod as Clinton's top economic adviser
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WASHINGTON (CNNfn) - President Clinton on Wednesday will the name latest addition to his new economic team, tapping U.S. Federal Reserve Gov. Janet L. Yellen as Chairman of the Council of Economic Advisers, administration sources said.
Yellen, 50, a former economics professor at the University of California at Berkeley who was appointed to the central bank two years ago, will replace Joseph Stiglitz as the nation's top economic adviser.
The announcement, expected to be made Wednesday, fills a vital slot in the administration's economic team. It comes at a delicate time for the nation's economy, when steady growth and low inflation are in a balancing act. Clinton, who nominated Bill Daley on Friday to head the U.S. Commerce Department and will shortly name other players, would like to maintain that balance.
Yellen is a specialist in international economics to the administration. From 1977 to 1978, she served as an economist to the Federal Reserve focusing on currency exchange rates. She later broadened her international experience to include economic reform in Eastern Europe and trade.
There is no word on who will replace Yellen at the Federal Reserve. She was appointed to 1994 to fill an unexpired term ending in 2008.
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