Obama to Announce Yellen Nomination as U.S. Fed Chief Tomorrow
By Joe Sobczyk - Oct 8, 2013
President Barack Obama will nominate Federal Reserve Vice Chairman Janet Yellen tomorrow to head the U.S. central bank, a White House official said in an e-mailed statement.
Yellen, 67, would succeed Fed Chairman Ben S. Bernanke, whose term ends Jan. 31. She was the favorite in surveys of economists and had the backing of 20 members of the Senate Democratic caucus who signed a July 26 letter to Obama.
The announcement will come tomorrow during a 3 p.m. event at the White House, the official said. Bernanke will be present for the event.
Obama turned to Yellen, vice chairman of the Fed since 2010, after the other leading candidate, former Treasury secretary and White House economic adviser Lawrence Summers, withdrew from consideration amid mounting opposition from Democrats on the Senate Banking Committee.
As the Fed’s No. 2 official, Yellen has articulated the case for maintaining highly accommodative monetary policy.