The Senate last week confirmed Janet L. Yellen as chairman of the Council of Economic Advisers. Her departure leaves the Federal Reserve Board short two governors. (Lawrence B. Lindsey left Feb. 6 to join American Enterprise Institute.)
Reacting to the losses, the Fed has shuffled committee assignments. Fed Governor Laurence H. Meyer will lead the consumer and community affairs committee. He will be joined by Fed Vice Chairwoman Alice Rivlin, who also will lead the economic affairs committee. Governors Susan M. Phillips and Edward W. Kelley Jr. will retain their respective chairmanships of the supervision and reserve bank affairs committees.