Tuesday, October 08, 2013

Obama to name Yellen as next fed chair

(Reuters) - President Barack Obama will announce his choice of Federal Reserve Vice Chairwoman Janet Yellen to be the next head of the U.S. central bank on Wednesday, putting her on course to be the first woman to lead the institution in its 100-year history.

If confirmed by the U.S. Senate, Yellen would replace Ben Bernanke, whose second four-year term as head of the Fed expires on January 31.

Obama is due to make the announcement at the White House at 3 p.m. EDT, a White House official said on Tuesday. Bernanke is also scheduled to attend.

Yellen has been a forceful advocate of aggressive action to drive down unemployment and would provide continuity with the policies the Fed has established under Bernanke. Now her main challenge will be to steer policy back to a more normal footing and slowly wind down the extraordinary measures taken in the five years since the financial crisis.

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