Obama Nominates Janet Yellen To Lead Fed: U.S. President Barack Obama has officially announced on Wednesday the appointment of Janet Yellen , now vice president of the Federal Reserve ( FED ) , as successor to Ben Bernanke in front of the central bank when the mandate expires on 31 January .
If confirmed by the Senate , Yellen , 67, will become the first woman president of the Federal Reserve since the founding of the company in December 1913 and one of the most powerful women in the world as a top policy maker U.S. monetary .
” Janet is uniquely qualified for this position,” Obama stressed in his presentation , which described its candidate for the Fed as a “good leader.” “It’s hard, not only because it is from Brooklyn ,” he joked .
Yellen appeared as the leading candidate to succeed Bernanke , Lawrence Summers after he decided to give up a nomination may find opposition from the Democratic majority in the Senate , virtually blocked any access charge option .
This Wednesday , Yellen has outlined some of the challenges that lie ahead . She recalled that ” the Federal Reserve’s mandate is to serve all the people” and , in her opinion, now there are ” too many Americans who can not find jobs and worry about how they will pay their bills and take money to their families.”
The candidate has predicted that, if the Senate finally gives the nod to her candidacy , will work to stabilize prices and create a stable financial system . Yellen warned that while the country has made progress in overcoming the economic crisis remains to be done .
Yellen priority Ttiene create jobs , but will have to take on the difficult task of gradually reverse economic stimulus program that the Federal Reserve has implemented in recent years to combat the crisis.
Obama has chosen Yellen after discarding his former economic adviser Lawrence Summers because of the opposition he faced in the ranks of the Democratic Party , which made it impossible for it to be ratified by the Senate , dominated by the ruling .
On the other hand , is expected to get Yellen ratification of the Senate, as it has the support of Democrats and some Republicans with , ensuring the 60 of the 100 votes needed for the position .
If so, Yellen happen to Ben Bernanke , whose term expires next January 31 , after eight years as head of the Federal Reserve.