White House Nears Yellen Nomination as Fed Chief
Source: WSJ
President Barack Obama is preparing to announce that he will nominate Federal Reserve Vice Chairwoman Janet Yellen to become the central bank's new leader in coming days, perhaps as soon as Wednesday.
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.
The announcement comes in the middle of a building political crisis in Washington which complicates the backdrop for Senate confirmation hearings. The federal government has been partially shut since Oct. 1, after its spending authority expired. The U.S. Treasury estimates that by Oct. 17 it will be low on cash because a federal debt ceiling prevents it from borrowing more money.
Read more: http://online.wsj.com/article/SB10001424052702303442004579123933472523984.html
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This is good news, indeed.
