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 Local

Springfield Man Convicted of Sexual Assault


Christopher Westfall was convicted in August.

in Local

Food Pantries Thankful for Contributions

Food Pantries

Donations at Illinois food pantries during the holiday season helps them stay open year round.

in Local

Businesses Get EDGE Tax Credits


The deals through the EDGE tax-credit program, though, would not provide tax incentives until Rauner and Illinois lawmakers agree on the overdue state budget.

in Local

Historic Site Acquires Historical Portrait

ihpa logo

Olof Krans depicted Bishop Hill in Henry County.

in Local

History Professor to Lead U of I Chancellor Search

university illinois

Antoinette Burton will chair the 15-member committee.