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Yellen to be nominated as Fed chair
by Danielle Levy on Oct 09, 2013 at 07:26
President Barack Obama (pictured) is set to nominate Janet Yellen as chair of the US Federal Reserve.
If successful, current vice-chair Yellen would become the first woman to have ever held the position.
According to reports, Obama will formally nominate Yellen at a ceremony at the White House on Wednesday.
Yellen has served as Bernanke’s deputy since 2010 and is an advocate of America’s fiscal stimulus programme. Her appointment signals a change from what some previously saw as Obama's preferred candidate, ex-treasury secretary Larry Summer, who withdrew in September after opposition from Democratic senators.
However, Yellen may also face opposition within the Republication party, as Bob Corker, a Republican who sits on the Senate banking committee, has suggested he would vote against her.
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On the road
on Dec 06, 2013 at 14:28