3 Things Everybody Should Know About Janet Yellen
President Obama will nominate Janet Yellen to be chair of the U.S. Federal Reserve on Wednesday, putting an end to months of speculation about who would replace the current chair, Ben Bernanke. Bernanke’s term is set to expire on January 31, and observers have long assumed that he would not seek another term.
Yellen’s nomination will have to be confirmed by the Senate, but her path to the position seems secure. Not only does she have an enormous amount of support behind her, but the other serious contender for the position, former Treasury Secretary Lawrence Summers, withdrew his name from consideration in September.
If her nomination is approved, Yellen will become one of the most powerful policymakers on the planet. As chair of the Fed, she will not only be the guiding hand of U.S. monetary policy, but she will be the nation’s top financial watchdog.
So, who is she?