Daily News: October 10, 2013

Bloomberg: Yellen President’s Choice for Fed Chairman

Bloomberg reported that President Obama will nominate Janet Yellen as chairman of the Federal Reserve, which would put the world’s most powerful central bank in the hands of a key architect of its unprecedented stimulus program and the first female leader in its 100-year history.

According to Bloomberg, the president’s choice followed a polarizing and unprecedented public contest for a nomination that Obama described in August as one of the most important decisions of his presidency. Yellen was the favorite in surveys of economists and had the backing of 20 members of the Senate Democratic caucus who signed a July 26 letter to Obama.

Bloomberg quoted Senator Charles Schumer as saying, “She’s an excellent choice, and I believe she’ll be confirmed by a wide margin.”

To read the Bloomberg story click here.