President Barack Obama will nominate current Federal Reserve System vice chairwoman Janet Yellen for the Fed chair tomorrow. If confirmed by the Senate, Yellen would become the first woman to run the United States’ central bank.
Yellen’s name had always been in the conversation since current Fed chair Ben Bernanke announced he was stepping down from the post after his term ran out in January 2014. Once Larry Summers, the former Treasury Secretary under President Bill Clinton, announced he was no longer interested in the position, Yellen became the front-runner.
Yellen’s career started as a professor of economics at the University of California-Berkeley in 1980. From 1997 until 1999, she was part of Clinton’s Council of Economic Advisers and 2004 to 2010, she worked at the Federal Reserve Bank of San Francisco. In 2010, she took her current post as vice chair of the Fed.
Democratic Sens. Charles Schumer of New York and Tim Johnson of South Dakota immediately threw their support behind Yellen, saying she was an excellent candidate. Schumer indicated he felt that Yellen’s confirmation hearing in the Senate would go smoothly.
A ceremony to formally announce the pick is slated to occur at 3 p.m. tomorrow in the White House’s East Room.
The opinions contained in this column are solely those of the writer.
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