You are here: Home - News -

Obama to nominate Janet Yellen to head Federal Reserve

by: IFAonline
  • 09/10/2013
  • 0
Obama to nominate Janet Yellen to head Federal Reserve
US President Barack Obama will nominate Federal Reserve vice-chair Janet Yellen to be the next head of the US central bank on Wednesday, according to a White House official.

If confirmed by the US Senate, Yellen would replace Ben Bernanke, who has held the post for eight years, the BBC reports.

She has been his deputy for the last two years, and would become the first woman to head the Federal Reserve.

Yellen and Bernanke are due to appear with the president on Wednesday.

She has taught at Harvard University and the London School of Economics, as well as holding a series of senior administrative positions in the US.

Yellen, like Mr Bernanke, is seen as a “dove”, meaning she prefers to prioritise boosting employment by keeping rates low rather than worrying about inflation.

Her nomination has been widely expected after former Treasury Secretary Larry Summers withdrew his candidature.

One senior US senator, Democrat Charles Schumer, said Yellen had the backing of politicians and would win Senate confirmation “by a wide margin”.

The chairman of the US Senate Banking Committee, Tim Johnson, said she had “a depth of experience that is second to none”.

“I have no doubt she will be an excellent Federal Reserve chairman,” he added.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
/IMG/994/268994/thumbs-up-uk.jpg
IMF awards the UK the biggest economic growth upgrade in the G7

The International Monetary Fund has upgraded its growth forecast for the British economy amid what it called ‘welcome signs' of...

Close