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(Image source: Bloomberg / Andrew Harrer)
BY ZACH TOOMBS
If reports are true, Janet Yellen could soon be the first woman to head the U.S. Federal
Reserve.
The New York Times, Wall Street Journal and others say the 67-year-old Fed veteran will
be President Obama's choice to replace current chairman Ben Bernanke. He's set to step down
in January 2014, when his term ends. (Via YouTube / UCBerkeleyHaas, The New York Times)
Still, The Wall Street Journal notes: "Ms. Yellen's nomination would be subject to Senate
confirmation amid angry squabbling between Democrats and Republicans over fiscal issues."
Obama is expected to make the announcement Wednesday. Since Bernanke announced his coming
retirement the typically quiet debate over who would lead the Fed has become rather heated,
especially with rumors that the president might choose Larry Summers, the former Treasury
Secretary who has gotten much of the blame from the Left for 2008's financial crisis.
(Via The White House, Bloomberg, National Journal)
Bloomberg has described Yellen as a dove on monetary policy, meaning she's traditionally
been more concerned with keeping unemployment down than she is with inflation.
That's a prospect that historically hasn't set too well with conservatives. A schedule
for hearings or a vote has not yet been set.