Obama To Nominate Yellen As Fed Chair

Law360, Los Angeles (October 8, 2013, 8:21 PM EDT) -- President Barack Obama will reportedly nominate current Federal Reserve Vice Chairman Janet Yellen to be the next chairman on Wednesday, less than a month after former Treasury Secretary Lawrence Summers removed his name from consideration for the top central bank post.

On Sept. 15, Summers withdrew his name after opposition from Senate Democrats made it clear that he would be unlikely to win confirmation, opening the door for Obama to nominate Yellen. In July, more than 35 female members of the U.S. House of Representatives asked Obama...
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