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 Entertainment

‘Pan’ taps origins of Peter Pan’s 100-year pop culture adventure


In the century since Scottish author J.M. Barrie created Peter Pan for a stage play then a book, the Neverland universe has inspired movies, books, TV shows, plays, video games and even a pop psychology syndrome describing emotionally immature men.

in Entertainment

Keanu Reeves wants to have a third ‘Bill & Ted’ adventure


The "Matrix" star says a script for the third installment of the "excellent" time-traveling franchise is in the works.

in Music

New biography details Tom Petty’s drug use


Tom Petty was hooked on heroin in the 1990s, according to his longtime pal Warren Haynes, who is preparing to release an unauthorized biography.

in Music

Phil Collins undergoes back surgery


The former Genesis star underwent the operation last week.

in Entertainment

Neil Patrick Harris writing children’s books


The "How I Met Your Mother" star is penning a new series called "The Magic Misfits."