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

TOP 10: Count down the hottest songs this week


The top 10 songs from the Billboard Hot 100 chart for the week ending Oct. 3.

in Entertainment

REVIEW: Veteran cast can’t save ‘The Martian’


It has all the earmarks of a blockbuster, but still can't shake the feeling of missed opportunity.

in Entertainment

WHAT’S ON: New on Netflix, Amazon & Hulu in October


Get your remotes ready for a binge-worthy weekend of new movies and TV shows.

in Music

Rolling Stones get their own Cuervo bottle


The tequila maker is paying tribute to the rockers and their 1972 North American tour.

in Entertainment

‘The Walk’ puts audiences on edge


"The Walk," out in theaters on Friday, tells the story of the quirky Philippe Petit and a misty August morning in 1974 when he strung cables between the Twin Towers and walked across the gaping void.