Yellen: First Woman To Head Federal Reserve

09 October 2013 |permalink | email article

President Obama’s clear first choice to succeed Ben S. Bernanke as Fed chair was Lawrence H. Summers, a former adviser. But Summers dropped out of the running on Sept.5 in the face of opposition by Democratic senators after an unusually long and public search to fill one of the most important economic policy-making jobs in the world. Janet I.Yellen, 67, was previously president of the Federal Reserve Bank of San Francisco, a White House adviser, a Fed governor during the Clinton administration and a longtime professor at the University of California, Berkeley.I f anything. Yellen has wanted the Fed to take even more aggressive measures to lift growth, believing the risks of inflation are modest. Her nomination culminates an unprecedented public campaign on her behalf that included letters from members of Congress as well as extensive lobbying by economists.

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