Obama to nominate Yellen as Bernanke replacement
Play
WASHINGTON - President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the U.S. central bank, the White House said Tuesday. Yellen would be the first woman to head the powerful Fed, taking over at
Both Yellen and Bernanke are scheduled to appear with Obama at the White House on Wednesday for a formal announcement.
Bernanke's term ends in January, completing a remarkable eight-year tenure in which he helped pull the U.S. economy out of the worst financial crisis and recession since the 1930s.
Associated Press
