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

in Sports

Ray Rice’s appeal hearing set for early November

Fresh
rayrice

The hearing on the appeal of his indefinite suspension by the NFL has tentatively been set for Nov. 5 and 6.

in Sports

Wednesday’s Sports Minute

Fresh
bruins

In addition to the Giants win over the Royals in game 1 of the World Series, here is a look…

in Sports, Viral Videos

WATCH: David Ortiz surprises troops with World Series tickets

24-overlay4

Baseball star David Ortiz surprises service members with an all access tour of Fenway Park and tickets to Game 1.