Obama says Yellen is his choice to take over Fed

Obama says Yellen is his choice to take over Fed

FEDERAL RESERVE: If confirmed, Janet Yellen would be the first woman to lead the Federal Reserve. Photo: Associated Press

WASHINGTON (AP) — President Barack Obama says that in Janet Yellen he’s found a tough and proven leader to take over as chairman of the Federal Reserve.

Yellen currently is No. 2 at the nation’s powerful central bank.

She would succeed outgoing Fed Chairman Ben Bernanke at a pivotal time for the economy and the bank’s monetary policies.

If confirmed by the Senate, the 67-year-old Yellen would be the first woman to head any country’s major central bank.

She emerged as the favorite for the post after former treasury secretary and White House favorite Lawrence Summers withdrew from consideration in the face of mounting opposition to him being Obama’s choice.

Bernanke will serve until his terms ends Jan. 31.

Weather Watch Sponsored By

Featured Events

  • No events
  • News

    in Entertainment

    ‘Mortdecai,’ ‘American Ultra’ among the year’s biggest box office flops


    The list of this year's most disappointing box office performers is out.

    in Black Friday, Lifestyle

    Three ways to curb holiday spending


    Ah, the holidays. A time to get together, celebrate with family and make questionable life choices.

    in Entertainment

    WATCH: 7 fun facts to make you think this Thanksgiving


    Thanksgiving is a time of coming together with family and friends. In between bites of stuffing and pumpkin pie, snack on these unusual Turkey Day facts.