News

Obama says Yellen is his choice to take over Fed

Obama says Yellen is his choice to take over Fed

FEDERAL RESERVE: If confirmed, Janet Yellen would be the first woman to lead the Federal Reserve. Photo: Associated Press

WASHINGTON (AP) — President Barack Obama says that in Janet Yellen he’s found a tough and proven leader to take over as chairman of the Federal Reserve.

Yellen currently is No. 2 at the nation’s powerful central bank.

She would succeed outgoing Fed Chairman Ben Bernanke at a pivotal time for the economy and the bank’s monetary policies.

If confirmed by the Senate, the 67-year-old Yellen would be the first woman to head any country’s major central bank.

She emerged as the favorite for the post after former treasury secretary and White House favorite Lawrence Summers withdrew from consideration in the face of mounting opposition to him being Obama’s choice.

Bernanke will serve until his terms ends Jan. 31.

Local Headlines

in Local

Alco Stores Shutting Down

alco

Alco has locations in Emmetsburg, Estherville and Orange City...

in Local

Spencer Rail Removal Project Approved

News CitySpencer1240

The city will receive over $45,000 from a Salt Lake company to remove a portion of rail and tie...

in Local

Radio Sale Scam

doppler

A company out of Chicago is misrepresenting themselves as KICD Radio...

in Local

Linn Grove Accident

bvsheriff

An Alta man is taken to the hospital after falling asleep while driving...

in Local

Storm Lake Accident

ambulance2

A Storm Lake man is injured after losing control of his vehicle...