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It's official: Janet Yellen will be nominated for the chairpersonship of the Federal Reserve Board


Janet Yellen, now vice chair of the Federal Reserve.
Peter Nicholas, Kristina Peterson and Jon Hilsenrath report:
President Barack Obama is preparing to announce that he will nominate Federal Reserve Vice Chairwoman Janet Yellen to become the central bank's new leader in coming days, perhaps as soon as Wednesday. The nomination would conclude a long and unusually public debate about Mr. Obama's choice which started last June when he said that Ben Bernanke wouldn't be staying in the post after his term ends in January.
Mr. Obama gave serious consideration to his former economic adviser, Lawrence Summers, who pulled out in September after facing resistance from Democrats in the Senate.
Those Senate Democrats were spurred along by an outpouring of opposition to Summers from the progressive grassroots, including Daily Kos.

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