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.

Recently Played

Latest Headlines

in Entertainment

This weekend in entertainment history

roseanne

A walk down Hollywood's memory lane.

in Viral Videos

Promposal FAIL

19-overlay3

A high schooler's prom proposal doesn't go as planned.

in Music

This week’s top pop songs

maroon5

LISTEN: This week's top pop songs, according to the latest Billboard chart.

in Music

Record Store Day celebrates all things indie

recordstoreday

Record Store Day celebrates thousands of independent music stores across America.

in Music

Rock & Roll Hall of Fame inducts its 30th class

joanjettbilliejoarmstrong

Green Day, Joan Jett, Lou Reed, Ringo Starr and others will be welcomed as the 2015 inductees into the Rock & Roll Hall of Fame.