Yellen is Obama choice to succeed Bernanke at Fed

[I AM NOT THAT GUY 5,715]

President Barack Obama will nominate Janet Yellen, the Federal Reserve's vice chair, to be chairman of the nation's powerful central bank, succeeding Ben Bernanke at a pivotal time for the economy and the Fed's monetary policies.

If confirmed by the Senate, Yellen would be the first woman to head any country's major central bank anywhere in the world. She also would be the first Democrat chosen to lead the Fed since Paul Volcker was picked by President Jimmy Carter in 1979.

Yellen, 67, emerged as the top candidate after Lawrence Summers, a former Treasury secretary and White House favorite for the job, withdrew from consideration last month in the face of rising opposition.

A close ally of the chairman, Yellen has been a key architect of the Fed's efforts under Bernanke to keep interest rates near record lows to support the economy, and she likely would continue steering Fed policy in the same direction as Bernanke.

Her nomination could face resistance from congressional critics who argue that the Fed's low-rate policies have raised the risk of high inflation and might be breeding dangerous bubbles in assets like stocks or real estate.

Sen. Tim Johnson, D-S.D., who heads the Senate Banking Committee, which must approve Yellen's nomination, said he would work with the panel's members to advance her confirmation quickly.

http://xfinity.comcast.net/articles/news-national/20131009/US--Obama-Federal.Reserve/