Saturday, October 12, 2013

Current Events-Oct 12

This week, in a history-making selection, President Barack Obama nominated Janet Yellen to be chairman of the Federal Reserve, a critical post as the nation continues its fitful economic recovery. If confirmed she would be the first woman to lead the powerful central bank.
Yellen, who currently holds the No. 2 spot at the Fed, would replace Ben Bernanke, whose eight-year tenure at the helm of the Fed ends Jan. 31.
Obama introduced Yellen as a "proven leader." ''And she's tough, not just because she's from Brooklyn," he said. He credited her for being a consensus builder, adding: "She understands the human cost when people can't find a job."
Before selecting Yellen, Obama had considered nominating former Treasury Secretary Lawrence Summers, who had been a close Obama adviser during the first years of his presidency. But Summers withdrew in the face of opposition over his temperament and past support for bank deregulation.
In accepting the nomination, Yellen said more still needs to be done to strengthen the recovery. She said the past six years have been tumultuous for the economy and challenging for many Americans. She said that while the recovery is not complete, "we have made progress, the economy is stronger and the financial system is sounder."

Source: http://abcnews.go.com/Politics/wireStory/obama-announce-yellen-bernanke-replacement-20511435

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