IMF chief welcomes Yellen's nomination
Play
International Monetary Fund chief welcomed the Obama administration's nomination of Janet Yellen as the new chairman of the Federal Reserve.
“I welcome President Obama’s nomination of Janet Yellen for the Fed Chair. Janet is an excellent choice for this very important position. I look forward to continuing to work with her," IMF Managing Director Christine Lagarde said in a statement.
At 67, Yellen is the vice chairwoman of the Board of Governors of the Federal Reserve System.
Yellen was named Wednesday to head the US central bank. Replacing Ben Bernanke, she will face the immediate, treacherous task of helming the Fed through the long tapering of its unprecedented loose monetary policies.
If confirmed by the Senate, where President Barack Obama's Democratic Party holds a majority, Yellen will take office when Fed Chairman Ben Bernanke's term expires on January 31, becoming the first woman to lead the Federal Reserve in its 100-year history.
Her challenge will be to wean the United States - and the world economy- from years of easy money since the 2008 financial crisis.
