Economics department chair and professor Ben Bernanke met Wednesday with President Bush at the White House, Bernake confirmed yesterday.
The meeting indicates that he is a top candidate for one of the two vacant seats on the Federal Reserve's Board of Governors.
Reuters has reported Bernanke and Federal Reserve staffer Donald Kohn are the front-runners for the positions. Bernanke cannot comment on the details of the interaction, he said in a telephone interview yesterday.
"I did meet with the president," Bernanke said, "[but] I know that he's also talking with other people."
This meeting comes two months after a survey of economic forecasters revealed that many thought Bernanke was a likely choice for one of the open seats.
Colleagues within his department hailed Bernanke, who specializes in macroeconomics and the economics of monetary policy, as an excellent choice for the position.
"He's an expert on monetary policy and history, with a long list of important publications in those areas," economics professor Christopher Sims said. "I think he would have very good perspective on the policy issues that the Fed faces."
While it would be an honor for the University if Bernanke were appointed to such a prestigious position, it would also be a blow to the economics department if he were to leave.
"This is certainly an important position, we would be proud of anyone who would take such a position," said Marilyn Marks GS '86, a University spokeswoman. "However, we would miss any faculty member who leaves and who had made such a contribution."
Professor Lars Svensson agreed with the appraisal, calling Bernanke "an excellent choice, even if [it were] a terrible loss for the economics department."
Sims said having faculty involved with powerful positions could ultimately be beneficial to the University and the quality of teaching.
Economics professor Alan Blinder '67 is a past vice-chairman of the Fed.
"Having someone like Blinder who has been on the Federal Reserve Board is an excellent resource," Sims said. "This is something that not many departments have."
In addition to Blinder, other University alumni have served on the board. Paul Volcker '49 was the chairman, and Frederick Schultz '51 was an appointed member.
At this point, it is not clear when the final decision will be made.
"There probably won't be an announcement for a while," Bernanke said. "When [Bush administration officials] are ready to make a decision, they will."
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