Federal Reserve Chairman Ben Bernanke will likely resign from his position in January 2014, regardless of whether President Barack Obama is re-elected.
Though Bernanke has declined to comment publicly about the possibility of giving up the position he has held since the George W. Bush Presidency, it is reported that sources close to him say he will likely step down.
“I am very focused on my work, I don’t have any decision or any information to give you on my personal plans,” he said at a news conference last month.
Republican Presidential nominee Mitt Romney has already vowed to replace the Fed chairman if he is elected, most likely with Glenn Hubbard, former Bush Administration head of the Council of Economic Advisers and current economic adviser to the candidate’s campaign.
If Obama is re-elected, a possible replacement for the Fed chairman could be Lawrence Summers, who served as Treasury Secretary from 1999 to 2001 and Director of the White House United States National Economic Council until November 2010.
Whoever replaces the current Fed chair, Bernanke’s Keynesian legacy will likely impact American economics for decades to come. The Fed in recent years has given banks about $16 trillion in undisclosed funds, including $3 trillion to foreign banks. It also announced with its most recent round of quantitative easing that inflationary fiat money printing could continue indefinitely.