Oct. 8 - President Obama will announce his choice of Federal Reserve Vice Chairwoman Janet Yellen to be the next head of the U.S. central bank Wednesday. Deborah Lutterbeck reports.
U.S. President Barack Obama is expected to nominate Janet Yellen Wednesday to become the next head of the Federal Reserve and the first woman to lead the institution in its 100-year history. The 67-year old Vice Chairman of the Fed has been a forceful advocate of aggressive action to drive down unemployment. Her main challenge ahead will be winding down the extraordinary policy measures the Fed has taken in the last five years to stem the financial crisis. If confirmed by the U.S. Senate, she would replace Ben Bernanke, whose second four-year term expires Jan. 31.