President Obama nominated Janet Yellen today as the next Federal Reserve chairman.
While the news is rightly generating much discussion about how the nominee is 1) not Larry Summers and 2) the first woman to hold the job, the choice also marks a geographic shift.
The last five men to head the Fed had their roots in the East. While she has eastern academic credentials (Brown and Yale, then an assistant professorship at Harvard), Yellen has spent much of her time on the West Coast.
She is a professor emeritus at Berkeley’s Haas School of Business and was president and CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010. (The bank’s district encompasses nine western states - California, Washington, Alaska, Arizona, Hawaii, Idaho, Nevada, Oregon and Utah.)
Although New York dominates the Fed system, the San Francisco bank has been home to many national power figures. The interactive Muckety map above shows some of the most influential current (solid lines) and former (dotted lines) connections.
The map also indicates some of the bank’s many connections to prominent tech companies based in the West, including Facebook, Avnet, Synopsys and Apple.