President Obama, standing with Janet Yellen, vice chair of the Board of Governors of the Federal Reserve System, and outgoing Federal Reserve Chairman Ben Bernanke, announces October 9 that Yellen is his choice to succeed Bernanke as head of the nation’s powerful central bank.
Obama praised Bernanke, who plans to leave the post in January, as “a stabilizing force not just for our country, but for the entire world.”
The president said Yellen is “held in high esteem by colleagues across the country and around the world who look to the United States … and the Fed for leadership.”
Yellin’s nomination needs to be confirmed by the U.S. Senate, an action Obama urged it to take without delay. If confirmed, Yellen would be the first woman to serve as head of the Federal Reserve System in that body’s 100-year history.