President Obama Will Nominate Janet Yellen To Serve As Federal Reserve Chief

benjamins4me | Oct 8, 2013 | 5 posts since 2010

President Obama will nominate Janet Yellen to serve as Federal Reserve chief, according to a White House official.

Obama is scheduled to hold a White House event at 3 p.m. ET on Wednesday to make the announcement.

If confirmed, Yellen would succeed Ben Bernanke when his term ends in January. Currently the Fed vice chair, Yellen would be the first woman to hold the top job.

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Ally6770 | Oct 9, 2013 | 1,906 posts since 2010

Janet Yellen is the presumptive nominee for Federal Reserve Chairman, succeeding current Fed Chairman Ben Bernanke. Five things you might not know about Yellen, 67, currently serving as Fed Vice Chairman:

Yellen's first job: Assistant professor at Harvard, 1971. One notable pupil was Larry Summers, who went on to become president of Harvard and Yellen's chief rival for Fed Chairman.

She met her husband, George Akerlof, at the London School of Economics. Akerlof, who won the Nobel Prize in economics in 2001, wrote in his biographical note: ."Not only did our personalities mesh perfectly, but we have also always been in all but perfect agreement about macroeconomics."

Yellen was one of the few Federal Reserve governors who warned about the Great Recession. In December 2007, Yellen told fellow Fed leaders: "The possibilities of a credit crunch developing and of the economy slipping into a recession seem all too real."

Yellen has done well with her money: She reported investments worth $4.8 million in 2012, according to the New York Times.

If confirmed, she'd be the first female U.S. central bank chairman, but not the world's first. Russia and Malaysia both have female central bank leaders.

paoli2 | Oct 9, 2013 | 2,193 posts since 2011

What are they doing giving such an important responsibility to a woman her age? Gripes! If she did so well with her investments, why isn't she living the good life on Bora Bora instead of trying to manage an unmanageable financial structure as we have now. Doesn't she know her best days are behind her and she needs to take advantage of enjoying what little time she has left. Maybe she thinks 67 is the new 57 or that she is infalliable. She needs to research all the medical problems that can occur at her age and I am not even mentioning the "A" word! Then again, we women seem to think we are truly infalliable.

Ally6770 | Oct 9, 2013 | 1,906 posts since 2010

Reagan was 69 when first elected and served for 8 years. After Reagan, rules and procedures were put in place to take someone out of office when dementia sets in at least for president. Maybe they also have rules for other offices. Maybe there are other situations to remove someone from the presidency also.

My mother was 88 when she passed and still could debate anyone in the family on any subject and win.

As far as having 4 million in investments--

Rep. Michael McCaul (R-Texas) is the richest Member of Congress for the second year in a row, reporting a vast fortune that in 2011 had a minimum net worth surpassing $300 million for the first time