White House rounding up support for Yellen to take reins at Fed

[Eugene]

Source: Reuters

White House rounding up support for Yellen to take reins at Fed

By Rachelle Younglai and Jeff Mason
WASHINGTON | Fri Sep 20, 2013 6:03pm EDT

(Reuters) - White House officials are mustering support among Democrats on the Senate Banking Committee to back Federal Reserve Vice Chair Janet Yellen, three sources said on Friday, laying the groundwork for her expected nomination to the Fed's top job.

Two Senate Democratic aides, who requested anonymity, said officials had encouraged senators to support Yellen and talk her up, hardening the sense that President Barack Obama has settled on her to replace Fed chief Ben Bernanke when his term ends in January.

A third source familiar with the calls said the White House had reached out to some of the 20 Democratic senators who had signed a letter to Obama in July urging him to appoint Yellen, who would be the first woman to hold the job if confirmed by the Senate.

This source said the White House had not communicated that Obama had made a decision on who to nominate, but wanted to make sure any negative reports about Yellen did not go unanswered.

[font size=1]-snip-[/font]

Read more: http://www.reuters.com/article/2013/09/20/us-usa-fed-yellen-idUSBRE98J0ZX20130920

[blkmusclmachine]

1. The new insider

[davidpdx]

2. I only know a bit about her

But she sounds like a decent nominee. Certainly people outside the US are interested in who gets the Fed Chair job. I was talking to my BIL here in Korea and he asked about Summers and any other possible nominees. He is a business owner and given that the US economy affects the Korean economy people here want to know what will happen. I was actually surprised a bit that he wanted to talk that much in-depth about it. Fed reserve policy is way out of my league.