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                        Obama to Name Yellen to Head Fed

   A White House official says President Barack Obama will nominate Janet
   Yellen to head the U.S. Federal Reserve on Wednesday.
   If confirmed by the Senate, the 67-year-old Yellen would replace Ben
   Bernanke, whose second term as head of the U.S. central bank ends
   January 31.
   Yellen is currently the vice chair at the Fed. Previously, she was a
   professor at the University of California at Berkeley, head of the
   Federal Reserve Bank of San Francisco and a presidential adviser.
   Her speeches and public comments favor the low interest rate policies
   that Bernanke has been using to try to cut unemployment and get the
   U.S. economy out of the worst recession in decades.
   The Federal Reserve has cut short-term interest rates to near zero, and
   has been trying to cut long-term rates with an $85 billion a month
   program of buying certain securities.
   The person who heads the Fed will have to decide how soon and how
   quickly to end this stimulus effort. Economists say if the support is
   withdrawn too quickly, the economy could lapse back into recession. If
   stimulus efforts go on for too long, however, they could spark
   inflation that could harm the economy.
   Mr. Obama`s other candidate for the job, former Treasury secretary and
   presidential adviser Larry Summers, withdrew his name from
   consideration in the face of opposition from senators in President
   Obama`s Democratic party.
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References

   1. http://www.voanews.com/content/obama-to-name-yellen-to-head-fed/1765779.html