President Barack Obama nominated Janet Yellen to succeed Ben Bernanke as the chairman of the Federal Reserve Wednesday afternoon. If confirmed by the Senate, the Brooklyn native would be the first female chair in the 100-year history of the Federal Reserve.
Calling Yellen a "proven leader," President Obama noted the current vice chairwoman is tough, "and not just because she's from Brooklyn," he joked.
According to Reuters, a White House official confirmed the Obama administration’s decision to select Yellen, 67, late Tuesday after rumored frontrunner Larry Summers withdrew his name last month. Several Democrats came out against Summers, as well as some Republicans, leading the president to reevaluate the former chief White House economic adviser’s ability to pull off a Senate confirmation.
But Yellen’s road to the Fed will not be without bumps. Senator Bob Corker, R-Tenn. Said he voted against Yellen’s original nomination in 2010 because of her dovish views on monetary policy. “We will closely examine her record since that time, but I am not aware of anything that demonstrates her views have changed,” Corker says.
"The past six years have been tumultuous for the economy and challenging for Americans," Yellen said in accepting the President's nomination. But she added that while more still needs to be done to strengthen the economy and the lives of Americans affected, the Federal Reserve is in the best position to help if it does its job correctly. "We can and must safeguard the financial system," she said.
