[quote]President Barack Obama plans to announce his nomination of Federal Reserve Vice Chairwoman Janet Yellen for the central bank's leading role, the Wall Street Journal reported Tuesday.
Obama will be joined by Yellen and current Fed Chair Ben Bernanke for the announcement at 3 p.m. on Wednesday, a White House official told The Huffington Post.
If confirmed by the Senate, Yellen would be the first woman to serve as chair of the Federal Reserve, and would take over when Bernanke's term ends in January.
Sen. Chuck Schumer (D-N.Y.), who endorsed Yellen for the position last month, said he's confident about a Senate confirmation.
The nomination didn't come easily for Yellen. Obama staunchly defended Summers as a top contender, giving congressional Democrats a "full-throated defense" of the former Treasury Secretary in a closed July meeting, faulting The Huffington Post for making Summers "a progressive whipping boy." According to The Hill, Obama went so far as to tell the senators "not to believe everything you read in The Huffington Post."
Republican Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, released a statement congratulating Yellen on her nomination. He applauded the vice chair's support for rules-based policy, and said he hopes Yellen will set a precedent for transparency. The House has no say in the confirmation process, but Hensarling's statement is evidence that Schumer's vote-counting appears realistic.
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[url]http://www.huffingtonpost.com/2013/10/08/obama-janet-yellen_n_4066699.html[/url]
[img_thumb]http://cdn.theatlanticwire.com/img/upload/2013/09/15/RTR3AD5Q/large.jpg[/img_thumb]
Ben Bernanke looks different today.
For some reason I thought the title was referring to one of those force feeding chairs they use in Guantanamo Bay and Obama was nominating some poor woman to undergo the same thing in order to demonstrate its use. :v:
[QUOTE=MingeCrab;42471119]For some reason I thought the title was referring to one of those force feeding chairs they use in Guantanamo Bay and Obama was nominating some poor woman to undergo the same thing in order to demonstrate its use. :v:[/QUOTE]
That's a bit of a stretch... Maybe it's just years of economics classes for me, but when I see the word Fed, I think "government money banks" etc.
I'm certainly glad she got picked over Summers. I think the Fed really does just need more of the same.
[QUOTE=MingeCrab;42471119]For some reason I thought the title was referring to one of those force feeding chairs they use in Guantanamo Bay and Obama was nominating some poor woman to undergo the same thing in order to demonstrate its use. :v:[/QUOTE]
Sounds like some strange bondage porn.
[QUOTE=Smooth Jazz;42472497]I'm certainly glad she got picked over Summers. I think the Fed really does just need more of the same.[/QUOTE]
I'm disappointed because I think Summers is a better choice than Mrs. Yellen. The fact that we have high unemployment [i]and[/i] a very high rate of inflation gives me doubts about the current direction of the Federal reserve.
Quantitative easing is still very much untested. It's a dangerous gamble that has, so far, been much more detrimental than helpful.
[QUOTE=MingeCrab;42471119]For some reason I thought the title was referring to one of those force feeding chairs they use in Guantanamo Bay and Obama was nominating some poor woman to undergo the same thing in order to demonstrate its use. :v:[/QUOTE]
[QUOTE=Durrsly;42336019]You've spent too much time on DeviantART.[/QUOTE]
i hope she gets the job, too bad someone's gonna come around like a pouty child and knock down everybodys blocks and she's not going to get confirmed
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