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

today in Entertainment

Could we soon see ‘Mrs. Doubtfire 2?’

robinwilliams

This could be the sequel we've been waiting for.

today in Entertainment

Amy Poehler and Will Arnett officially file for divorce

poehler

Though they've been separated since 2012, we're sad to see one of Hollywood's funniest couples split.

today in Music

Singer Chris Brown’s bodyguard goes on trial in DC

washington

The singer's bodyguard is on trial on assault charges, a case that will be a preview for the musician's own trial.

today in Entertainment

‘Hobbit’ star found guilty in drug case

mikaelbran

Actor Mikael Persbrandt has been sentenced to five months in jail for buying cocaine.

today in Music, Viral Videos

Watch Taylor Swift’s video blog of bridal shower surprise

taylor

The superstar documented her surprise appearance at an Ohio bride's celebration.