Obama nominates new Fed chair
President Obama nominated Janet Yellen as the next chair of the Federal Reserve on Wednesday, hailing her as one of America's top economists and policymakers.
"Janet is renowned for her good judgement, she sounded the alarm early about the housing bubble, about excesses in the financial sector, and about the risks of a major recession."
Yellen has been the Fed's vice chair for the past two years and, if confirmed by the Senate, she would become the first woman to run the central bank.
She would replace Ben Bernanke, who has held the post for eight years, and whose term expires at the end of January.
"While I think we all agree, Mr. President, that more needs to be done to strengthen the recovery -- particularly for those hardest hit by the great recession -- we have made progress. The economy is stronger, and the financial system sounder."
The International Monetary Fund has been pushing the Fed for a slower and more gradual exit from its easy-money policies which goes in line with Yellen, a strong backer of the Fed's aggressive actions to promote economic growth through low interest rates and bond purchases.
As the U.S. government shutdown enters its ninth day, Obama will meet with Republican and Democrat lawmakers on Wednesday and Thursday to address the shutdown, looming debt crisis and fiscal stalemate.
The talks are becoming increasingly desperate as the U.S. will run out of borrowed money no later than October 17th unless Congress raises the 16.7 trillion dollar debt limit.
Ji Myung-kil, Arirang News.
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