The Senate confirmed Janet Yellen as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank's efforts to spur the economy with low interest rates and massive bond purchases..
The Senate confirmed Janet Yellen as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank's efforts to spur the economy with low interest rates and massive bond purchases.
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President Barack Obama will nominate Janet L. Yellen as chairwoman of the Federal Reserve on Wednesday, White House officials said Tuesday night, ending an unusually prolonged and public search to fill one of the most important economic policy-making jobs in the world.
Yellen, 67, has been the Fed's vice chairwoman since 2010, when Obama nominated her to the post and she was easily confirmed on a voice vote by the Senate. She would be the first woman to run the central bank.
She is also expected to win bipartisan support for her new role in the Democratic-controlled Senate, said Sen. Charles E. Schumer of New York. But some Republicans could throw up hurdles. Sen. Bob Corker of Tennessee voted against her appointment as vice chairman because of what he called 'her dovish views on monetary policy,' and he was already expressing reservations on Tuesday night about her nomination for the top job.
'We will closely examine her record since that time,' said Corker, who sits on the Banking Committee, which must clear her nomination before it moves to the full Senate. 'But I am not aware of anything that demonstrates her views have changed.'
Yellen's nomination was widely expected, but she was not thought to be Obama's first choice for the job. For months, the speculation was that the president would nominate Lawrence H. Summers, a former adviser of Obama's. But Summers d
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The vice chairman of the Federal Reserve, a leading candidate to replace Ben Bernanke as head of the agency, is favored by Democrats and economists alike.
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President Obama will announce that Janet Yellen is to take over at the top of the US central bank, the Federal Reserve. Yellen will start a four-year term in January and becomes the first woman to run the organisation. Markets in the US continue to suffer as worries mount over the looming deadline to raise the debt ceiling. In company news, we have a report on the giant of the telecom equipment sector, Huawei. Staying in China, Yum Brands reports a 68% drop in quarterly profits. In Europe, steelmaker Arcelor Mittal says it plans to invest €92 million at a site in Dunkirk and tension is increasing for the struggling Italian airline Alitalia. Here in France, French company bosses have called on President Hollande to ease the current tax regime.
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President Barack Obama will announce Wednesday afternoon that Janet Yellen is his choice to head the Federal Reserve, a White House official confirmed to TIME.
Yellen, currently the vice chairwoman at the Fed, has been seen as Obama’s top choice since soon after former economic adviser Larry Summers withdrew his name from consideration for the role. She is considered a strong supporter of current chair Ben Bernanke’s stimulus policies, which have coincided with a soaring stock market, and is largely expected to extend them.
Obama will announce his decision to nominate Yellen at the White House at 3 p.m. Wednesday, joined by Yellen and Bernanke, according to the White House offical. Yellen’s nomination must still be confirmed by the Senate.
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Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the US central bank, the White House has announced.
Mrs 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 Mrs Yellen and Mr Bernanke are scheduled to appear with Mr Obama at the White House on Wednesday for a formal announcement.
Mr 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 1930s.
Under Mr 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.
Mrs Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Mr Obama was thought to favour, withdrew from consideration last month in the face of rising opposition.
Mrs Yellen, 67, would likely continue steering Fed policy in the same direction as Mr Bernanke. A close ally of the chairman, she has been a key architect of the Fed's efforts under Mr Bernanke to keep interest rates near record lows to support the economy.
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Federal Reserve Chairman Jerome Powell says the US economy is facing some risks at the moment, but overall it is in a 'good place' and the Fed's main job is to 'keep it there as long as possible.' Powell notes that unemployment is at a half-century low and inflation is running close to the 2% target. He says that while Fed officials believe they have the correct strategy and tools to extend the current record-long expansion, it is important to examine whether any changes could improve the Fed's handling of the economy. Powell's comments came at the Fed's 12th listening session. Listen-in. (Text: AP/Video: Courtesy of Federal Reserve YouTube)
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Watch Federal Reserve chair: Goal is to keep US economy in 'good place' With HD Quality
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President Barack Obama says Janet Yellen is a tough and proven leader ready to take over as chairman of the Federal Reserve.
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A Bangladeshi man who came to the United States to wage jihad was arrested in an elaborate FBI sting on Wednesday after attempting to blow up a fake car bomb outside the Federal Reserve building in Manhattan, authorities said.
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Federal authorities say a man from Bangladesh has been jailed in a sting operation for allegedly plotting to blow up New York's Federal Reserve building. It's blocks from the World Trade Center site.
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