Yellen Seen as Top Pick as Fed's No. 2
WASHINGTON (
) -- Janet Yellen will be nominated by President Obama to serve as vice chairwoman of the
Federal Reserve
, reports say.
Yellen, president of the Federal Reserve Bank of San Francisco since 2004, would serve as Fed Chairman Ben Bernanke's No. 2.
Yellen was widely considered to be the front-runner for the position, the
New York Times
and other publications report. She would succeed Donald Kohn, who plans to retire in June.
Economists view Yellen, a strong supporter of Bernanke's policies, as more inclined to keep interest rates low to stimulate economic growth and reduce the high unemployment rate, the
Times
notes.
Treasury Secretary Timothy Geithner and other top officials were still holding conversations with Yellen about the position, the
Times
reports, citing an administration official.
-- Written by Joseph Woelfel in New York.
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