Obama to Push for 1st-Ever Female Fed Chief
Janet Yellen to receive nomination: White House
By Newser Editors and Wire Services
Posted Oct 8, 2013 6:10 PM CDT
In this Monday, June 3, 2013, file photo, Janet Yellen, vice chair of the Board of Governors of the Federal Reserve System, answers a question in Shanghai, China.    (AP Photo/Eugene Hoshiko, File)

(Newser) – President Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the US central bank, the White House said today. Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry. Both Yellen and Bernanke are scheduled to appear with Obama at the White House tomorrow for a formal announcement. Bernanke will serve until his term ends Jan. 31, completing a remarkable eight-year tenure in which he helped pull the US economy out of the worst financial crisis and recession since the 1930's.

Yellen, 67, emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month in the face of rising opposition. A close ally of the chairman, she has been a key architect of the Fed's efforts under Bernanke to keep interest rates near record lows to support the economy, and she would likely continue steering Fed policy in the same direction as Bernanke.

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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Showing 3 of 32 comments
HMD-SMD-ITY
Oct 9, 2013 10:01 AM CDT
I'll have to see how FOREX likes her. So far, Barry has been very good for me in his years in office. You can usually count on a 100 pip loss in USD when he opens his keg hole.
No-Left-Turn
Oct 9, 2013 7:52 AM CDT
The following link contains a lot of info on Yellen. Apparently, she is damn good at what she does. But she is another rich liberal running our country. I find it interesting and amusing that being rich disqualifies only conservatives, in the eyes of Newser trolls. http://finance.yahoo.com/blogs/daily-ticker/janet-yellen-five-things-know-obama-fed-chair-112259135.html
pg13
Oct 9, 2013 6:02 AM CDT
Who cares what gender. I just want a Fed Chair that stops the TooBigToFail banks from gambling like risk addicts. The "London Whale" story should have been a wake-up call. Nothing's been fixed since the 2008 crash.