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 Entertainment

It’s gonna cost more to rent at Redbox

redbox

Prices for renting movies and video games will increase starting next week.

in Black Friday, Viral Videos

WATCH: What ‘Black Friday’ would look like as a scary movie

20-overlay6

Black Friday would be a scary shopping experience if it got the Hollywood treatment.

in Entertainment

Channing Tatum going behind the camera to direct

tatum

The "Magic Mike" star is taking on an adaptation of young-adult novel "Forgive Me."

in Entertainment

Natalie Dormer wants more nudity in ‘Game of Thrones’

nataliedormer

The "Game of Thrones" star wants more male nudity in the raunchy medieval-fantasy series.

in Sports, Viral Videos

WATCH: Odell Beckham’s amazing catch

11-overlay3

It could be the greatest catch of his career: Watch Giants' wide receiver Odell Beckham pull in a TD with just one hand.