National Government

Obama says Yellen is his choice to take over Fed

President Barack Obama stands with outgoing Federal Reserve Chairman Ben Bernanke and Janet Yellen, vice chair of the Board of Governors of the Federal Reserve System, in the State Dining Room of the White House in Washington, Wednesday, Oct. 9, 2013. President Obama is nominating Yellen to be chair of the nation's powerful central bank, succeeding Bernanke at a pivotal time for the economy and the Fed's monetary policies.
President Barack Obama stands with outgoing Federal Reserve Chairman Ben Bernanke and Janet Yellen, vice chair of the Board of Governors of the Federal Reserve System, in the State Dining Room of the White House in Washington, Wednesday, Oct. 9, 2013. President Obama is nominating Yellen to be chair of the nation's powerful central bank, succeeding Bernanke at a pivotal time for the economy and the Fed's monetary policies.

WASHINGTON (AP) — President Barack Obama says that in Janet Yellen he's found a tough and proven leader to take over as chairman of the Federal Reserve.

Yellen currently is No. 2 at the nation's powerful central bank.

She would succeed outgoing Fed Chairman Ben Bernanke at a pivotal time for the economy and the bank's monetary policies.

If confirmed by the Senate, the 67-year-old Yellen would be the first woman to head any country's major central bank.

She emerged as the favorite for the post after former treasury secretary and White House favorite Lawrence Summers withdrew from consideration in the face of mounting opposition to him being Obama's choice.

Bernanke will serve until his terms ends Jan. 31.

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