More Changes in Fed Membership Beyond Chairman Bernanke

All of the focus at the Federal Reserve these days is on who the next chairman will be, and when the central bank starts pulling back on its monthly money printing operation.

Beneath the surface, though, lies a fascinating subtext of whether the Fed is setting up for an ideological cleansing that could last the next decade and a half.

By virtually all accounts, the race to succeed Ben Bernanke is between Larry Summers and Janet Yellen, with the former suddenly considered a prohibitive favorite.

Whoever takes over could be running a group with decidedly different composition

As many as five of the seven Fed regional governors either are facing the end of their terms or are expected to leave early.

Should that transpire, President Barack Obama would be in a position not only to determine a new public face for the central bank but also the philosophical composition.

CNBC

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