It's official: President Barack Obama has nominated Federal Reserve Vice Chair Janet Yellen to replace Chairman Ben Bernanke, whose second term ends on Jan. 31.
Yellen, a proponent of maintaining the Fed's current bond-buying program until the economy has thoroughly healed, will become the first female Federal Reserve chairman if she is confirmed. In announcing her appointment, the President urged the Senate to confirm her without delay.
‘Janet is exceptionally well qualified for this role,’ Obama said at a White House ceremony. ‘She doesn't have a crystal ball, but what she does have is a keen understanding about how markets and the economy work, not just in theory but also in the real world. And she calls it like she sees it.’
Despite opposition from some Republicans, Yellen's nomination is expected to sail through the Senate. However, due to the stalemate over the budget and the debt ceiling, it is unclear when a vote on her confirmation will take place.
MortgageOrb will be following up with some reaction, but for now, check out this New York Times report.
