US central bank Chairman 2013 is Janet Yellen Chairman Ff The US central bank
Obama to nominate Janet Yellen as chairman of the US central
bank
President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the US central bank.
Yellen was born in Brooklyn and graduated from Brown University in 1967 with highest honors in economics. She received her doctorate in economics in 1971 from Yale, where she studied under the Nobel Prize-winning economist James Tobin. In a 1997 interview with Business Week magazine, Tobin described Yellen as having "a genius for expressing complicated arguments simply and clearly.
She was an assistant professor at Harvard University from 1971 to 1976 and then worked as an economist at the Federal Reserve in Washington from 1977 to 1978. She met her husband, George Akerlof, in a Fed cafeteria.
The two worked together for many years on the Berkeley faculty. Akerlof shared a Nobel in economics in 2001 with Joseph E. Stiglitz and A. Michael Spence.
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 US economy out of the worst financial crisis and recession since the 1930's.
Under Bernanke's leadership, the Fed created extraordinary programs after the financial crisis erupted in 2008. It lent money to banks after credit markets froze, cut its key short-term interest rate to near zero and bought trillions in bonds to lower long-term borrowing rates.
Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month in the face of rising opposition.
Yellen would be the first Democrat chosen to lead the Fed since Paul Volcker was picked by Jimmy Carter in 1979. Bernanke, who served for eight years, and his predecessor, Alan Greenspan, who did so for 18{ years, were Republicans.
She would also be the first vice chair of the Fed to ascend to the chairmanship.
Yellen served as a Fed board member for three years in the 1990s before leaving to head the Council of Economic Advisers in the Clinton administration.
She also served for six years as president of the Fed's regional bank in San Francisco before Obama chose her in 2010 for the No. 2 spot on the Fed's seven-member board in Washington.
President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the US central bank.
Yellen was born in Brooklyn and graduated from Brown University in 1967 with highest honors in economics. She received her doctorate in economics in 1971 from Yale, where she studied under the Nobel Prize-winning economist James Tobin. In a 1997 interview with Business Week magazine, Tobin described Yellen as having "a genius for expressing complicated arguments simply and clearly.
She was an assistant professor at Harvard University from 1971 to 1976 and then worked as an economist at the Federal Reserve in Washington from 1977 to 1978. She met her husband, George Akerlof, in a Fed cafeteria.
The two worked together for many years on the Berkeley faculty. Akerlof shared a Nobel in economics in 2001 with Joseph E. Stiglitz and A. Michael Spence.
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 US economy out of the worst financial crisis and recession since the 1930's.
Under Bernanke's leadership, the Fed created extraordinary programs after the financial crisis erupted in 2008. It lent money to banks after credit markets froze, cut its key short-term interest rate to near zero and bought trillions in bonds to lower long-term borrowing rates.
Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month in the face of rising opposition.
Yellen would be the first Democrat chosen to lead the Fed since Paul Volcker was picked by Jimmy Carter in 1979. Bernanke, who served for eight years, and his predecessor, Alan Greenspan, who did so for 18{ years, were Republicans.
She would also be the first vice chair of the Fed to ascend to the chairmanship.
Yellen served as a Fed board member for three years in the 1990s before leaving to head the Council of Economic Advisers in the Clinton administration.
She also served for six years as president of the Fed's regional bank in San Francisco before Obama chose her in 2010 for the No. 2 spot on the Fed's seven-member board in Washington.
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