Magazine article American Banker

Supply-Sider Is Leading Candidate for Empty Fed Seat

Magazine article American Banker

Supply-Sider Is Leading Candidate for Empty Fed Seat

Article excerpt

Supply-Sider Is Leading Candidate For Empty Fed Seat

H. Robert Heller, the leading candidate to fill the open seat on the Federal Reserve Board, is an expert in international lending with an affinity for supply-side economics.

Barring any unforeseen obstacles, President Reagan is expected soon to nominate Mr. Heller, a 46-year-old senior vice president and director of international economic research at the Bank of America in San Francisco, White House sources said Monday.

With a reputation in international finance, Mr. Heller is a favorite of such well-known supply-siders as Rep. Jack Kemp, R-N.Y., and Lewis E. Lehrman, the drugstore magnate who lost the New York gubernatorial race in 1982.

"Supply siders would be very comfortable with him,' said Jeff Bell, director of legislative affairs for Citizens for America, a Washington, D.C.-based lobby group that supports economic growth and is chaired by Mr. Lehrman.

A Washington lobbyist who knows Mr. Heller said he may also support a return to the gold standard. "Bob is sort of a gold-bug,' the lobbyist said. Mr. Bell said that while Mr. Heller probably wouldn't describe himself that way, "he is certainly sympathetic' to the gold standard view.

One of the two recently appointed Fed governors, Manuel Johnson, a former Treasury Department official, is expected to be named vice chairman of the board. That position became vacant two weeks ago when another Reagan appointee, Preston Martin, resigned.

William Gibson, an economist with the RepublicBank in Dallas, appears to be out of the running. Mr. Gibson reportedly wanted the vice chairman's job if he was appointed to the board.

Mr. Heller could not be reached for comment on Monday.

The White House is interested in Mr. Heller primarily because of his expertise in the international arena. His California credentials also are a plus: The administration wants to maintain geographic diversity on the board, and the recently departed Mr. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.