Obama picks Yellen for top Fed job, urges quick Senate approval
WASHINGTON (REUTERS) - President Barack Obama nominated Federal Reserve vice-chair Janet Yellen on Wednesday to run the world's most influential central bank and urged the Senate to confirm her without delay.
Ms Yellen, an advocate for aggressive action to stimulate United States (US) economic growth through low interest rates and large-scale bond purchases, would replace Fed chairman Ben Bernanke, whose second term ends on Jan 31.
The nomination will put Ms Yellen on course to be the first woman to lead the institution and the first to head a central bank in any Group of Seven industrial nation.
"Janet is exceptionally well qualified for this role," Mr Obama said at a White House ceremony, with a beaming Ms Yellen standing by his side. "She doesn't have a crystal ball, but what she does have is a keen understanding about how markets and the economy work, not just in theory but also in the real world. And she calls it like she sees it."