Janet Yellen will be the next chair(person) of the Federal Reserve, succeeding Ben Bernanke.
President Obama will make the announcement on Wednesday at 3pm ET, the White House said late Tuesday. Both Janet Yellen and current Fed chair Ben Bernanke are expected to attend.
Yellen is currently the vice chairman of the Fed and has been widely reported as a front-runner to succeed Bernanke.
"She's an excellent choice and I believe she'll be confirmed by a wide margin," Sen. Chuck Schumer, D-NY, said after the announcement. Well, of course, what's old Chuckie going to say?
Yellen was appointed vice chair in Oct. 2010. She was president and CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010 and also served as chair of the Council of Economic Advisors from 1997 to 1999. Prior to joining the Fed, Yellen spent much of her career as a professor at the University of California at Berkeley, one of the most left-leaning universities in the world, where she had been teaching since 1980.
If you don't know much about the Federal Reserve and how it controls the US economy, you should.
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