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Obama To Nominate Yellen For Fed

Federal Reserve Vice Chairwoman Janet Yellen
The White House says President Barack Obama has decided to nominate Janet Yellen to be the first woman to lead the Federal Reserve, the U.S. central bank.

Obama is expected to formally announce the nomination on October 9.

Yellen, 67, is currently vice chairwoman of the Federal Reserve.

If approved by the Senate, she would replace Ben Bernanke, who has served as central bank chief for the past eight years. Bernanke’s term is due to end January 31.

A close ally of Bernanke, Yellen has backed the Federal Reserve’s efforts to keep interest rates near record lows to support the American economy.

Bernanke’s policies have been credited with helping to keep the U.S. economy, the world’s largest, afloat in the wake of the 2008 financial crisis.

Based on reports from AP, Reuters, AFP and dpa