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Business/Finance See other Business/Finance Articles Title: Obama picks Yellen as Federal Reserve chair President Barack Obama on Wednesday will nominate Federal Reserve Vice Chairwoman Janet Yellen to become the first woman to lead the U.S. central bank. The announcement comes as a government shutdown and fight over raising the debt ceiling threaten to rattle the fragile economic recovery. Yellen and Federal Reserve Chairman Ben Bernanke are due to join Obama in the White House’s ornate East Room for the formal announcement at 3 p.m. on Wednesday. The nomination, one of the most important decisions of the president's second term, requires Senate confirmation. Yellen, 67, has extensive support from Senate Democrats, more than one third of whom signed a letter earlier this year urging the president to pick her. The letter was also seen as a warning to Obama not to pick former Treasury Secretary Larry Summers, an odds-on favorite for the job. Summers withdrew from consideration in mid-September, amid rising resistance to his possible nomination from some Democrats on the Senate Banking Committee. Those Democrats saw Summers as overly involved in deregulation of the financial sector during then-President Bill Clinton’s term, and insufficiently committed to using the Fed’s power over interest rates to promote job creation. The White House announcement drew praise from the Senate. “She’s an excellent choice and I believe she’ll be confirmed by a wide margin,” said Democratic Sen. Chuck Schumer of New York. “Today is a historic moment for the Federal Reserve, for women everywhere, and for all of us who care about job creation,” said Democratic Sen. Sherrod Brown of Ohio, one of Yellen’s most vocal supporters. The confirmation process will give Republicans the opportunity to challenge Yellen on the Poster Comment: No mention in story of Yellen being being Jewish; banksters keeping control of finance within the family: Janet Louise Yellen (born August 13, 1946) is an American economist and professor who is the Vice Chair of the Board of Governors of the Federal Reserve System. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, Chair of the White House Council of Economic Advisers under President Bill Clinton, and Professor Emerita at the University of California, Berkeley's Haas School of Business. President Obama will nominate Yellen to replace Ben Bernanke as Federal Reserve chairman on October 9, 2013.[1] Yellen was born in Brooklyn, New York, the daughter of Anna (née Blumenthal) and Julius Yellen, a doctor.[2] She graduated from Fort Hamilton High School in the Bay Ridge section of Brooklyn.[3] She graduated summa cum laude from Brown University with a degree in economics in 1967, and received her Ph.D. in economics from Yale University in 1971. Yellen is Jewish,[4] and is married to George Akerlof, a Nobel prize-winning economist and professor emeritus at the University of California, Berkeley. Her son, Robert Akerlof is an assistant professor at the University of Warwick.[5] Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 7.
#7. To: Tatarewicz (#0)
If Charlie Schumer likes Yellen, she's going to be brutal for the economy. Batten down hatches.
There are no replies to Comment # 7. End Trace Mode for Comment # 7.
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