Alice Rivlin Resigns after recent Howard Rubin resignation : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I don't know enough about this so I am asking: Does anybody believe there is a connection with Alice Rivlin leaving her Federal Reserve position (she is in her 60's, with 6 more months to go before retiring, as I understand it)...and the resignation recently of Howard Rubin?

-- NSmith (, June 04, 1999


I saw that on CNN last night..... she's very active in DC and I think she said she wants to work on city problems - didn't say Y2K, but that would probably be the first order of business.

Very interesting timing, though. If she understands the Y2K threat, wouldn't she want to stick it out a few more months, to see it through? Unless the post-rollover scapegoating charts have already been drawn up, and her name/position was on the list.

I think the financial herd is stamping, snorting and ready to stampede... Y2K is getting way too much consideration and press lately. Funny to watch Lou Dobbs have to give Y2K any airtime: you can tell he positively loathes doing it.

-- Lisa (, June 04, 1999.

One possible reason for Rivlin's resignation might have been her her ex-husband was involved in a $1 million fraud in which he guaranteed a $16 million return to his investors. The SEC fined him $16 million, or the amount the investors expected to receive.

Story's in this month Forbes magazine:

Rivlin's re-joining Brookings Institution think tank. Here's original article announcing her resignation:

-- Cheryl (, June 04, 1999.

Some discussion about the Rivlin resignation later in this thread. As noted there, her DC commitment may have become more pressing.

-- Mac (sneak@lurk.hid), June 04, 1999.

[ For Educational Purposes Only ]

Clinton economic adviser expected to leave soon

6/8/99 -- 2:43 AM

WASHINGTON (AP) - Janet Yellen is expected to step down from her job as chairman of the president's Council of Economic Advisers, an administration official says.

The official, who spoke Monday on condition of anonymity, said Yellen would depart soon, marking the third resignation of a Clinton economic appointee in a few weeks.

On May 12, Treasury Secretary Robert Rubin announced he would be stepping down around July 4. Clinton has nominated Deputy Treasury Secretary Lawrence Summers to replace Rubin.

Last week, Alice Rivlin, whom Clinton appointed vice chairman of the Federal Reserve, announced her resignation from the central bank, effective July 16.

Yellen has served as head of the three-member CEA since 1997. At the time, her appointment was seen as an administration effort to foster closer ties with the Fed, where Yellen was serving when Clinton tapped her for the CEA post.

The chairman of the CEA is considered the president's chief economist, and the three economists who serve on the council are used as the administration's in-house think tank on economic policy.

Yellen was one of Clinton's first two appointees to the Fed. Before joining the central bank, Yellen was an economics professor at the University of California at Berkeley, specializing in the causes and implications of unemployment.

Yellen was Clinton's third CEA chairman, following Laura Tyson, another Berkeley professor, and Joseph Stiglitz. Tyson has returned to Berkeley as dean of the business school, and Stiglitz is chief economist at the World Bank.

Yellen's departure would leave the Council of Economic Advisers with only one member, Rebecca M. Blank. Clinton has nominated Harvard professor Robert Lawrence to fill the other vacancy on the three-member panel, but the Senate has not yet acted on the nomination.
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-- Ashton & Leska in Cascadia (, June 08, 1999.

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