Obama to Nominate Janet Yellen as Federal Reserve Chief

President Obama is preparing to nominate Janet Yellen as the next chair of the Federal Reserve, succeeding Ben Bernanke, according to a White House official.

Obama is expected to make the announcement on Wednesday at an afternoon event along with Yellen and Bernanke.

Yellen would be the first woman to serve as chair of the Federal Reserve, and the announcement is all the more ironic as the U.S. risks default unless the debt ceiling is raised by Oct. 17. Her nomination would have to be confirmed by the Senate.

Her selection also follows speculation during the summer that Obama was leaning toward selecting Lawrence Summers as the next fed chair. After some lawmakers on Capitol Hill vowed to oppose the nomination, Summers removed his name from consideration.

Yellen is currently the vice chairwoman of the Federal Reserve, having been appointed in October, 2010. She spent much of her career at U.C. Berkeley’s Haas School of Business, and is currently professor emerita. She was CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010, and chair of the Council of Economic Advisers under President Bill Clinton from 1997 to 1999.

More Biz

  • Harvey Weinstein and Benjamin BrafmanHarvey Weinstein

    Can Harvey Weinstein, the Poster Boy of #MeToo, Get a Fair Day in Court?

    President Obama is preparing to nominate Janet Yellen as the next chair of the Federal Reserve, succeeding Ben Bernanke, according to a White House official. Obama is expected to make the announcement on Wednesday at an afternoon event along with Yellen and Bernanke. Yellen would be the first woman to serve as chair of the […]

  • Chuck Panama Dead: Longtime Industry Publicist

    Chuck Panama, Longtime Industry Publicist, Dies at 93

    President Obama is preparing to nominate Janet Yellen as the next chair of the Federal Reserve, succeeding Ben Bernanke, according to a White House official. Obama is expected to make the announcement on Wednesday at an afternoon event along with Yellen and Bernanke. Yellen would be the first woman to serve as chair of the […]

  • Ellen Degeneres Racism

    Entertainment Leaders Set to Celebrate Special Olympics 50th Anniversary

    President Obama is preparing to nominate Janet Yellen as the next chair of the Federal Reserve, succeeding Ben Bernanke, according to a White House official. Obama is expected to make the announcement on Wednesday at an afternoon event along with Yellen and Bernanke. Yellen would be the first woman to serve as chair of the […]

  • Lauren Sivan

    Accuser Lauren Sivan Reacts to Harvey Weinstein's Arrest: 'He Should Be in Jail'

    President Obama is preparing to nominate Janet Yellen as the next chair of the Federal Reserve, succeeding Ben Bernanke, according to a White House official. Obama is expected to make the announcement on Wednesday at an afternoon event along with Yellen and Bernanke. Yellen would be the first woman to serve as chair of the […]

  • Netflix Reed Hastings

    Netflix Stock Closes at All-Time High, Nudging Market Cap Ahead of Disney's Again

    President Obama is preparing to nominate Janet Yellen as the next chair of the Federal Reserve, succeeding Ben Bernanke, according to a White House official. Obama is expected to make the announcement on Wednesday at an afternoon event along with Yellen and Bernanke. Yellen would be the first woman to serve as chair of the […]

  • Mario Batali

    Mario Batali's Three Las Vegas Restaurants to Close Following Harassment Allegations

    President Obama is preparing to nominate Janet Yellen as the next chair of the Federal Reserve, succeeding Ben Bernanke, according to a White House official. Obama is expected to make the announcement on Wednesday at an afternoon event along with Yellen and Bernanke. Yellen would be the first woman to serve as chair of the […]

More From Our Brands

Access exclusive content