President Barack Obama, in the midst of an enervating political and financial crisis, has nominated a female banker to head the US Federal Reserve, one of the most powerful positions in the world whose every word and action affects financial markets and economic mood in far corners of the globe.
Obama introduced Janet Yellen, 67, as his nominee to chair the US central bank at a White House event on Wednesday afternoon, the first time in the institution’s 100-year history that a woman has occupied the position. Her spectacular credentials include a doctorate in economics from Yale University, a teaching career spanning UC Berkeley, London School of Economics and Harvard University, chairing President Clinton’s Council of Economic Advisers in 1997-1999, a six-year stint as President and CEO of the Federal Reserve Bank of San Francisco (2004-2010), before she was named to the Fed’s Board of Governors as vice-chair in 2010.
She is married to Nobel Prize winning economist George Akerlof. Yellen’s nomination has to be confirmed by the US Senate (where Democrats are in a majority), upon which she will replace Ben Bernanke, whose two-term chairmanship of the Fed ends in January 2014.
(Source: Times of India)