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The Fed Shifts Ground on Big Banks

"It’s all change at the Federal Reserve Board of Governors. Janet Yellen was confirmed as the new chief this week, and we should expect a major shift in the composition of the board over the next 12 months. Ben Bernanke is leaving, Elizabeth Duke has already resigned, and Sarah Bloom Raskin is moving to the Treasury Department — so there will soon presumably be three new appointments out of seven total positions. (Jerome Powell’s term will expire next month, but he may well be reappointed.)

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