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 Trending, Viral Videos

TODAY’S MUST SEE: Fallon & Timberlake are awkward teens at camp

Fresh
15-overlay6

The boys are back at summer camp and they can't stop singing "Jumper" by Third Eye Blind.

in Sports, Viral Videos

WATCH: Marcus Mariota’s ‘top 10′ thoughts on the Heisman

10-overlay3

The Oregon Ducks QB presents a "Letterman" top 10 list.

in Viral Videos

Pit bull is terrified of pineapple

Updated
12-overlay3

Stella, the pit bull, does not approve of the pineapple in her home.

in Viral Videos

Emily Blunt and John Krasinski prank Jimmy Kimmel

17-overlay2

Jimmy Kimmel, the master of pranks, gets a taste of his own medicine.

in Music

Bono back on his feet after surgery

bono

The Irish rocker has been spotted for the first time since undergoing extensive surgery.