Economy -- October 8, 2013 at 7:01 PM ET
BREAKING: Obama to nominate Fed Vice Chair Janet Yellen to replace Bernanke as chairman of central bank.— The Associated Press (@AP) October 8, 2013
From a White House press release:
On Wednesday, October 9, 2013, President Obama will announce his intent to nominate Dr. Janet Yellen as Chair of the Board of Governors of the Federal Reserve System.
The President will hold an event in the East Room at 3:00 pm ET to make the announcement. He will be joined by Dr. Yellen and Chairman Ben Bernanke at the White House for the announcement.
A bio for Dr. Yellen is below: Dr. Janet Yellen is currently Vice Chairman of the Board of Governors of the Federal Reserve System, a role to which she was appointed in October 2010. Prior to joining the Board, Dr. Yellen spent much of her career at the University of California at Berkeley's Haas School of Business, where she is Professor Emerita. She began teaching at UC Berkeley in 1980. Between then and 2010 she held a series of other positions, most recently as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco from 2004 to 2010. She also previously served as Chair of the Council of Economic Advisors from 1997 to 1999 and as a Governor of the Federal Reserve Board from 1994 to 1997. Prior to teaching at UC Berkeley, she was a Lecturer at the London School of Economics and Political Science from 1978 to 1980, an economist with the Federal Reserve Board of Governors from 1977 to 1978, and an assistant professor at Harvard from 1971 until 1976. Dr. Yellen earned a B.A. in economics from Brown University and a Ph.D. in economics from Yale University.