Obama: Next Fed Head Should Promote Policy For Average Americans

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President Barack Obama says his next Fed chairman should take ordinary people into account when setting monetary policy. (Photo by Win McNamee/Getty Images)

President Barack Obama says his next Fed chairman should take ordinary people into account when setting monetary policy. (Photo by Win McNamee/Getty Images)

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WASHINGTON (AP) — President Barack Obama says his next Fed chairman should take ordinary people into account when setting monetary policy.

Obama tells The New York Times in an interview on the paper’s website Saturday that he wants someone who won’t just work abstractly to keep inflation in check and maintain stability in the markets. He says he wants the next Fed chairman to also promote policies that will help make ordinary people’s lives better.

The president began a series of speeches this week promoting ideas for easing the burdens on the middle class.

Obama is considering replacements for Ben Bernanke, whose term as Fed chairman expires early next year.

Former Obama economic adviser Larry Summers and Janet Yellen, the Fed’s current vice chair, are among the leading candidates for the job.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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