President Obama Names Pick for New Fed Chair
President Barack Obama announced last Wednesday, October 9 that he would nominate current Federal Reserve (the Fed or the Reserve) Vice Chair Janet Yellen to replace outgoing Chairman Ben Bernanke. The President’s announcement comes after several weeks of tense debate on who should be nominated to lead the Federal Reserve, with the once favorite, former Secretary of the Department of the Treasury, Larry Summers, withdrawing his name from consideration due to pressure from the more left-leaning parts of the Democratic party. Janet Yellen was a long-time favorite of Democrats, and was considered a “safe pick” for the President. If confirmed, she will be the first woman to serve as Chair of the Federal Reserve.