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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.

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In this photo released by Fox, Homer explains why he wants to bring back the annual 4th of July fireworks display, after it's cancelled for budget reasons, in the "Yellow Badge of Cowardge" Season Finale episode of "The Simpsons," in May 2014. The full 25-year run of "The Simpsons" will arrive on cable channel FXX with a summer marathon, to be paired this fall with a digital extravaganza that could turn other TV shows yellow with envy. "I'm not going to over-promise, but I think this website will provide you with affordable health care," longtime "Simpsons" executive producer Al Jean told a TV critics' meeting Monday, July 21, 2014.

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