Romney Reiterates He Would Replace Bernanke
Watch the latest video at video.foxbusiness.com
By Colleen McCain Nelson
Mitt Romney said Thursday that he would replace Federal Reserve Chairman Ben Bernanke, dismissing the advice of a top adviser who suggested this week that the chairman should be considered for a third term.
The presumptive Republican nominee told the Fox Business Network that as president, he would want to install someone new in the Federal Reserve post. Mr. Bernanke’s term ends in January 2014.
On Tuesday, Glenn Hubbard, a top economic adviser to Mr. Romney, told Reuters TVthat Mr. Bernanke should “get every consideration” to stay on at the Federal Reserve, calling the chairman a “model technocrat” and saying that he deserves a pat on the back.
Many of Mr. Bernanke’s acquaintances believe he wouldn’t want a third term.
Mr. Romney said he appreciates the counsel of Mr. Hubbard and others but reiterated his plans to replace Mr. Bernanke. He declined to say whether Mr. Hubbard, whom he called a wonderful economic adviser, might be a candidate for the job. Many people would be considered, he said.
In the interview, Mr. Romney offered few specifics about his plans going forward to address the fiscal cliff and to implement tax reform. The president should work with Congress and “make sure we do not have a cliff,” Mr. Romney said of the automatic tax increases and spending cuts set to take effect at the end of the year.
An arrangement should be struck to “put out a runway” of six months to a year to allow the next president time to implement his fiscal strategy, Mr. Romney said.
He declined again to flesh out his own tax plan, repeating that he has not detailed which deductions he would reduce or eliminate. Mr. Romney said he does not want wealthy families to pay a smaller share of taxes, but he would not specify who qualifies as wealthy.
“There’s no particular cut-off” that’s been decided, Mr. Romney said.
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