News

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.

Recent Headlines

in Music

CHART TOPPERS: This week’s top alt tracks

tompetty

LISTEN: This week's top alternative tracks, according to the latest Billboard charts.

in Trending, Viral Videos

TODAY’S MUST SEE: Johnny JamBoogie

18-overlay8

If football doesn't workout, "Johnny Football" always has this to fall back on.

in Viral Videos

Boy’s hilarious reaction to baby news

19-overlay3

This little boy is NOT excited about being a big brother again, but his reaction is priceless.

in Viral Videos

Dad catches daughter taking selfies

11-overlay8

This teenage girl takes more photos of herself in this 58-second video, than you have all year.

in Music

Michael Jackson’s hometown plans three-day birthday bash

FILE - In this March 5, 2009 file photo, Michael Jackson is shown at a press conference in London. Testimony from AEG Live executive Paul Gongaware on his interactions with Jackson and his negotiations with the singer’s doctor dominated the fifth week of a civil case against the company filed by the superstar’s mother, Katherine. On Tuesday May 28, 2013, Gongaware reluctantly acknowledged that he negotiated the $150,000 per month rate that Jackson’s doctor expected to be paid to serve on the “This Is It” tour.

The King of Pop's boyhood home of Gary, Indiana will celebrate this weekend with the Michael Jackson Tribute Festival of the Arts.