U.S. President Barack Obama is expected to nominate Janet Yellen later today (3p.m. EDT) to chair the Federal Reserve, the world’s most influential central bank. The nomination puts Yellen, who is expected to garner enough support in the Senate to be confirmed, on course to becoming the first female chairman of the 100-year old institution. One of the main proponents of the Fed’s aggressive stimulus programme and the current vice chairman of the Federal Reserve, Yellen has been lauded by many as the best person for the position, especially in face of the troubled U.S. economy, on account of her unparalleled experienced, intelligence, and good judgment. IMF Managing Director Christine Lagarde is said to be particularly looking forward to Yellen’s nomination, hoping to see another woman join the ranks of central bank managers. If confirmed Yellen will assume responsibility on 31st January 2014 when the second term of current chairman Ben Bernake expires.
Source: Bloomberg / Reuters