Congratulations

Just want to offer my congratulations.

CHICAGO, Dec 18 (Reuters) – U.S. President-elect Barack Obama on Thursday started putting his stamp on the Federal Reserve with the choice of law professor Daniel Tarullo for an open seat on the central bank’s board in what could be the beginning of a wider overhaul.

Obama was expected to announce his choice at a news conference at 9:45 a.m. Central time (1545 GMT). Two Democratic officials said the president-elect, who takes office on Jan. 20, was set to name Tarullo.

The 57-year-old Georgetown University professor has been a senior economic adviser to Obama and was former President Bill Clinton’s top adviser on international economic policy.

Tarullo must be confirmed by the Senate. If approved, he will join Fed Chairman Ben Bernanke as the central bank tries to ease a credit crisis and combat a deepening recession that has taken it into unprecedented policy territory with official interest rates pushed virtually to zero.

The Fed’s normally seven-person Board of Governors — the power center for U.S. monetary policy — currently has two vacancies. In addition, Fed Governor Randall Kroszner’s term expired in January, although he can serve until replaced.

Despite rooting for the Red Sox, Mr. Tarullo is staggeringly intelligent. Also, he makes a mean caprese salad.

UPDATE: Here’s Matt Yglesias, who points out that Mr. Tarullo is also a Senior Fellow at the Center for American Progress, arguably the most influential think tank in the world. Seriously.

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