Janet Yellen nominated to chair Federal Reserve - New York News

Janet Yellen nominated to chair Federal Reserve

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Janet Yellen (Federal Reserve photo) Janet Yellen (Federal Reserve photo)

JIM KUHNHENN and MARTIN CRUTSINGER | AP

WASHINGTON (AP) — President Barack Obama said that in Janet Yellen he has 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.

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