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.

What's On 'KLH?

Vote for BEER in ’16!

hometownbrew_int_wp2REV

Pick up a 6-pack of our limited edition WKLH / Sprecher Hometown Brew 30th Anniversary Lager at these fine locations…

Hire Me MKE

HireMeMKE_620x400

Looking for a job around the Milwaukee area? Check out some opening…

Wanna Play DJ?

HEYMOM

You can host your own show Sunday night at 6 on ‘KLH!

Recent Headlines

4 hours ago in Election 2016, National

Fiorina drops out of the presidential race

Republican presidential candidate Carly Fiorina waits to be introduced at a campaign event at Maple Avenue Elementary School Saturday, Feb. 6, 2016, in Goffstown, N.H. (AP Photo/David Goldman)

The former technology executive announced on Twitter that she is suspending her campaign.

6 hours ago in Election 2016, National

Christie expected to end 2016 White House bid

Republican presidential candidate, New Jersey Gov. Chris Christie embraces his son Patrick during a primary night rally in Nashua, N.H., Tuesday, Feb. 9, 2016. At left is Christie's older son Andrew and wife Mary Pat at right. (AP Photo/Charles Krupa)

Christie had banked his presidential prospects on a strong finish in New Hampshire, but finished behind most Republican rivals.

6 hours ago in National

Yellen: Fed not likely to reverse course on rates despite risks

U.S. Federal Reserve Board Chair Janet Yellen testifies at the House Financial Services Committee in Washington February 10, 2016. REUTERS/Gary Cameron

Chances are slim the Federal Reserve would need to reverse the rate tightening cycle it began in December.