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

This week’s top alternative tracks


LISTEN: This week's top alternative songs, according to the weekly Billboard chart.

in Music

Jack White launches new Third Man Records store in Detroit


Rocker Jack White has launched his first Third Man Records venture in his native Detroit.

in Black Friday, Viral Videos

WATCH: Holiday parodies of the year’s biggest hits


From "Bad Blood" and "Watch Me," to "Uptown Funk," here are the year's hottest songs made fit for the holidays.

in Music

Adele announces tour


Adele, whose latest album "25" has smashed sales records in its first week of release, announced on Thursday she would begin a 15-week concert tour.

in Black Friday, Viral Videos

WATCH: What ‘Black Friday’ would look like as a scary movie


Black Friday would be a scary shopping experience if it got the Hollywood treatment.