White House to Nominate Janet Yellen to Head Federal Reserve

Annu
Published on: Oct 9, 2013
442 views

President Barack Obama will announce Wednesday afternoon that Janet Yellen is his choice to head the Federal Reserve, a White House official confirmed to TIME.

Yellen, currently the vice chairwoman at the Fed, has been seen as Obama’s top choice since soon after former economic adviser Larry Summers withdrew his name from consideration for the role. She is considered a strong supporter of current chair Ben Bernanke’s stimulus policies, which have coincided with a soaring stock market, and is largely expected to extend them.

Obama will announce his decision to nominate Yellen at the White House at 3 p.m. Wednesday, joined by Yellen and Bernanke, according to the White House offical. Yellen’s nomination must still be confirmed by the Senate.

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