President Barack Obama on Friday will nominate Sen. John Kerry as his next secretary of state, a senior administration official said, making the first move in a sweeping overhaul of his national security team heading into a second term..
President Barack Obama on Friday will nominate Sen. John Kerry as his next secretary of state, a senior administration official said, making the first move in a sweeping overhaul of his national security team heading into a second term.
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President Barack Obama has nominated Sen. John Kerry as his next secretary of state, saying Kerry's entire life 'has prepared him for this role.'
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This victory belongs to people. This is a big victory for the party. Congress is losing state after state and we are winning state after state.”
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Democrats have nominated Barack Obama for a second term as president, setting up a showdown this fall with Republican challenger Mitt Romney.
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President Obama will nominate Chuck Hagel as his next defense secretary, a senior administration official said Sunday, signaling he's ready for a confirmation fight likely dominated by questions about Hagel's stands on Israel and Iran.
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President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the US central bank, the White House said on Tuesday. Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry.
Both Yellen and Bernanke are scheduled to appear with Obama at the White House on Wednesday for a formal announcement.
Bernanke's term ends in January, completing a remarkable eight-year tenure in which he helped pull the US economy out of the worst financial crisis and recession since the 1930's.
Under Bernanke's leadership, the Fed created extraordinary programs after the financial crisis erupted in 2008. It lent money to banks after credit markets froze, cut its key short-term interest rate to near zero and bought trillions in bonds to lower long-term borrowing rates.
Those programs are credited with helping save the US banking system.
Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month in the face of rising opposition.
Yellen, 67, would likely continue steering Fed policy in the same direction as Bernanke. A close ally of the chairman, she has been a key architect of the Fed's efforts under Bernanke to keep interest rates near record lows to support the econom
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Amid a political standoff in Washington, President Obama is set to nominate Janet Yellen to replace Ben Bernanke as head of the Federal Reserve, the White House said Tuesday night. Yellen, the current vice chairwoman of the central bank and the front-runner for the top spot after Larry Summers withdrew as a candidate amid intense political scrutiny, guarantees a continuation of current monetary policy, with the Fed engaged in an $85 billion-a-month asset purchase program that could be close to being wound down. An official announcement is expected to be made Wednesday.
If confirmed by the Senate, Yellen would take the helm of the Fed in a moment of transition, as the FOMC prepares to taper its quantitative easing program, a prospect which the markets see as the beginning of the end of easy money. Yellen has worked side by side with Chairman Bernanke as vice chairwoman since 2010, and has been a proponent of the Fed’s loose monetary stance. Even if the Fed reduces its pace of monthly asset purchases, it would still be adding to its balance sheet.
Since the Federal Funds rate hit the zero-bound in the wake of the 2008 financial crisis, Bernanke has engaged in several rounds of quantitative easing, buying Treasuries and mortgage-backed securities with the aim of increasing the money supply and encouraging bank lending. The Fed’s balance sheet has ballooned past $3 trillion, leaving his successor with the difficult task of managing the exit strategy.
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