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Obama Will Tap Janet Yellen As Fed Chairwoman
The White House says President Obama intends to nominate Federal Reserve Vice Chairwoman Janet Yellen to chair the Federal Reserve, once Ben Bernanke completes his term in January.
If confirmed, Yellen, 67, would be the first woman to head the American central bank.
Obama is scheduled to make the announcement at 3 p.m. ET. Wednesday.
The Wall Street Journal reports:
"The nomination would conclude a long and unusually public debate about Mr. Obama's choice which started last June when he said that Ben Bernanke wouldn't be staying in the post after his term ends in January.
"Mr. Obama gave serious consideration to his former economic adviser, Lawrence Summers, who pulled out in September after facing resistance from Democrats in the Senate."