President Obama nominated Janet L. Yellen to succeed Ben S. Bernanke as chair of the Federal Reserve on January 31. According to Calmes, the Senate is expected to approve her nomination. As the Reserve’s current vice president, this is a natural step up for Yellen. However, it is a first for the Reserve: never before has there been a chairwoman of the Federal Reserve. However, President Obama did not select a woman for the sole purpose of setting a new standard; rather, he selected her for her ““good judgement”” (Calmes). As chairwoman the President expects her to be more than capable of helping the country recover from its economic crisis. She is a favorite in both political and general polls and is expected to be an excellent chair for the Reserve.
By Sam Goodman
Source: http://www.nytimes.com/2013/10/10/business/announcing-fed-nomination-obama-praises-yellen.html
Nominee Yellen accepting her nomination.
