October 8, 2013

We don't know what she's like, but it's a pretty safe bet she's not a Larry Summers clone:

WASHINGTON — President Obama will nominate Janet L. Yellen as chairwoman of the Federal Reserve on Wednesday, administration officials said Tuesday night, ending an unusually public search to fill one of the most important economic policy-making jobs in the world.

Mr. Obama’s first choice for the job — Lawrence H. Summers, a former adviser to the president — dropped out of the running on Sept. 15 in the face of opposition from Democratic senators.

Ms. Yellen, 67, who has been the Fed’s vice chairwoman since 2010, would be the first woman to run the central bank. A native of Brooklyn, she 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. Her four-year appointment as chairwoman must be confirmed by the Senate.

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