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

Friday in Viral Videos

When a brother loses a bet

Dance Bet

A guy loses a bet to his younger brother and must dance on a busy street corner for 30 minutes. What happens next is amazing.

Friday in Trending, Viral Videos

TODAY’S MUST SEE: 50 most frustrating video game moments

Video Games Sonic

Playing video games can be fun, into you run into one of these situations!

Friday in Viral Videos

Fence FAIL

fence

A man who appears intoxicated tries his hardest to climb a fence, but it's not happening.

Friday in Music

Record Store Day full of reunited bands, special editions

recordstoreday

Record Store Day celebrates thousands of independent music shops around the world.

Thursday in Music

Listen to Soundgarden’s ‘Black Hole Sun’ demo

soundgarden

Ahead of the 20th anniversary reissue of "Superunknown," Soundgarden releases the demo version of "Black Hole Sun."