WASHINGTON (10/10/13)--Janet Yellen has been nominated by President Barack Obama to serve as the next Federal Reserve chair. She would replace outgoing Chairman Ben Bernanke when his term ends on Jan. 31.
Her nomination would need U.S. Senate approval. If approved, she would become the first female head of the Fed, or any other central bank.
Obama urged the Senate to confirm Yellen without delay. "I'm absolutely confident that she will be an exceptional chair for the Federal Reserve," he said.
Yellen has served as vice chair of the Board of Governors of the Federal Reserve System since Oct. 4, 2010. She is also in the midst of a Federal Reserve Board membership that will end on Jan. 31, 2024. She has served as president/CEO of the Twelfth District Federal Reserve Bank, at San Francisco.
The potential Fed leader graduated summa cum laude from Brown University in 1967, and received her Ph.D. in economics from Yale University in 1971. She has worked as an assistant professor at Harvard University, a Fed economist, and on the London School of Economics and Political Science faculty.
She also chaired President Bill Clinton's Council of Economic Advisers.
According to a Fed profile, Yellen has written on a wide variety of macroeconomic issues, while specializing in the causes, mechanisms, and implications of unemployment.