Obama nominates Yellen to become Fed Chair

October 9
12:53 AM 2013

US President Barack Obama would nominate the nation's Federal Reserve Vice Chairwoman Janet Yellen. This was after the exit of the current Fed chairman Ben Bernanke, whose term would end in January and did not seek re-appointment to office.

The nomination of the US President would take place next Wednesday, said a White House official last Tuesday. The announcement would be made by Obama at the White House at 3 p.m., according to a Reuters report.

According to Senator Charles Schumer's prediction, the nomination of the President for Yellen to sit on the Federal Reserve as chairwoman would win by a wide margin of votes from the Senate. If Yellen would be confirmed by the Senate as Schumer said was expected, she would face a series of delicate policy challenges in the coming months and years ahead, according to a Reuters report.

After confirmation, Yellen would sit atop the most influential central bank of the world.

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