Obama Names Janet Yellen for New Fed Chief

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President Barack Obama nominated Janet Yellen as the new Federal Reserve chief Tuesday. Yellen is currently vice-chair of the Federal Reserve.

The president picked her to succeed outgoing Chairmen Ben Bernanke, who is leaving in January. She wasn't the president's first choice.

Obama initially wanted Larry Summers, a former Treasury secretary and chief White House economic adviser. Summers withdrew from consideration after widespread opposition.

In Yellen, Obama said, "he's found a tough and proven leader to take over as chairman of the Federal Reserve."

Yellen helped Bernanke craft the policies some analysts say helped save the banking system after the 2008 financial collapse.

She's expected to continue them if confirmed by the Senate. But she may face a tough confirmation battle because some critics believe those policies have raised the risk of inflation.

Yet Brian Gardner, Washington political analyst for Keefe, Bruyette & Woods, predicts that Yellen will be easily confirmed despite some Republican push back.

He claims Yellen is widely respected as an academic economist and veteran policymaker on both sides.

Yellen would be the first woman to lead a central bank anywhere in the world.

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