Last night, the White House announced that it would nominate Federal Reserve vice chairwoman Janet Yellen to replace Fed chairman Ben Bernanke when his term expires in January.
Yellen was widely seen as the frontrunner to receive the nomination — especially after her chief opponent for the job, former Treasury Secretary Larry Summers, withdrew his name from contention in September.
She will be the first female Fed head, and given her “dovish” tendencies — meaning she tends to focus more on employment and less on inflation — economists and market participants mostly expect her to continue the policies of her predecessor.
Yellen is expected to be easily confirmed in the Senate.
During his nomination speech this afternoon, President Obama praised Yellen, calling her a strong leader and highlighting the warnings she gave of a credit bubble in 2007.
Obama then turned the mic over to Yellen.
“I am honored and humbled by the faith you’ve placed in me,” she said to Obama.
“The past six years have been tumultuous for the economy and challenging for many Americans,” said Yellen. She acknowledged that while many were still struggling, progress has also been made on making the financial system safer.