Obama to Nominate Janet Yellen as Next Fed Chairman
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TORU YAMANAKA/AFP/GettyImages(WASHINGTON) — President Obama will announce on Wednesday he is nominating Janet Yellen to replace outgoing Federal Reserve Chairman Ben Bernanke, according to a White House official.
If confirmed, she would become the first female leader of the Fed.
Currently the vice chairman of the nation’s central bank, Yellen, 67, has been at the center of the Federal Reserve’s decisions to keep interest rates at record lows and buy trillions in toxic mortgage debt. As chair, she would have to decide whether to continue the policies of Bernanke, whose term expires in January.
Obama is expected to make the announcement Wednesday at 3 p.m. from the White House, where he will be joined by Yellen and Bernanke.
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