Source: WSJ (Moneybeat)
President Obama is due to officially nominate Janet Yellen as the first woman Chairperson of the Federal Reserve at 3PM ET today. The Senate will have to confirm the appointment of Ms. Yellen, who’s known as a bit of a dove when it comes to monetary policy.
While Ms. Yellen’s nomination was widely expected, it should be noted that she was not thought to be Mr. Obama’s first choice for the job. For months, the speculation was that the president would nominate Lawrence H. Summers, a former adviser of Mr. Obama’s. But Mr. Summers dropped out of the running on Sept. 15 in the face of opposition from Democratic senators. Some in the administration blamed Yellen advocates for churning up the opposition to Mr. Summers.