Thursday, October 10, 2013
Janet Yellen to be nominated Fed chair Wednesday
Janet Yellen will be nominated as the next chair of the Federal Reserve on Wednesday, cracking one of the highest glass ceilings as the first woman to head the central bank in its 100-year history, the White House confirmed late Tuesday.
The announcement by President Obama is scheduled for 3 p.m. ET, the White House said. Both Yellen and current Fed chair Ben Bernanke are expected to attend.
Yellen is the vice chairman of the Fed and had been widely reported as a front-runner to succeed Bernanke. She would take over at a pivotal time for the economy and the banking industry.
“I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman," said Senate Banking Committee Chairman Tim Johnson, D-SD, in a statement late Tuesday. "She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman."
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