White House to Nominate Janet Yellen to Head Federal Reserve

She's considered a strong supporter of current chair Ben Bernanke’s economic stimulus policies

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Federal Reserve

President Barack Obama will announce Wednesday afternoon that Janet Yellen is his choice to head the Federal Reserve, a White House official confirmed to TIME.

Yellen, currently the vice chairwoman at the Fed, has been seen as Obama’s top choice since soon after former economic adviser Larry Summers withdrew his name from consideration for the role. She is considered a strong supporter of current chair Ben Bernanke’s stimulus policies, which have coincided with a soaring stock market, and is largely expected to extend them.

Obama will announce his decision to nominate Yellen at the White House at 3 p.m. Wednesday, joined by Yellen and Bernanke, according to the White House offical. Yellen’s nomination must still be confirmed by the Senate.


This is the fact....

Alan Greenspan .... 16 years as Fed chair...

Ben Bernanke .... After him over a decade as Fed chair...

This is what happened in those nearly 3 decades....

The incomes and wealth of the "RICH" & "CORPORATES" up 250% to 400%!

Taxes for the rich at 10%, their money stashed in tax havens & accounts abroad.

Corporates... Stateless-income, re-incorporated at tax-havens, jobs sent abroad!

Received bailouts, bonuses and higher incomes / wealth even during recession!

Ordinary citizens....

Incomes and wealth dropped or stagnated !

Taxes double that of millionaires and billionaires!

Lost jobs, reduced wages, jobs sent abroad....

Economy collapsed.... Great Recession....

Lost jobs, lost wages, lost savings, lost homes, lost 401K, lost healthcare...

No matter who is appointed at Washington or anywhere else...

They take care of the corporates and the rich!

It is evident what happened to the ordinary citizen.... Wiped out clean!


Six Things You Should Know About Janet Yellen

 1. She'll be the best-qualified Fed chair ever: Ben Bernanke had a stint as Council of Economic Advisors chairman and served a couple of years on the Fed Board of Governors before taking over. That at the time made him one of the most qualified and well-credentialed Fed chairs ever. But Yellen blows him away. She did the CEA gig too. And she was a governor for three years. But she was also President of the San Francisco Fed for five and a half years and has been vice chair for the past three years. It's a level of experience that's unprecedented in the history of the system.