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 Local

Springfield Woman Faces More DUI Charges in Crash That Killed Two

ANDREA LITTLE 102052

Faces 11 counts in the deaths from a fatal October crash

in Local

Committee Hearings Begin on YWCA Block Redevelopment

4th and jackson

Two city blocks eyed for redevelopment

in Local

State Pension Ruling Expected Friday

sangamon_county_building_3

A Sangamon County judge says he'll issue a ruling Friday over the constitutionality of Illinois' pension overhaul.

in Local

Illinois Job Numbers Not Showing Improvement

jobs

Unemployment rate holds at 9%

in Local

Koch Looks Forward to Killeen Presidency

UIS logo

University of Illinois Springfield chancellor Susan Koch is elated by the decision.