The Ottumwa Courier

AP National

October 9, 2013

Obama to nominate Yellen as Bernanke successor

WASHINGTON (AP) — President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the nation's central bank, the White House said Tuesday. Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry.

Both Yellen and Bernanke are scheduled to appear with Obama at the White House on Wednesday for a formal announcement.

Bernanke's term ends in January, completing a remarkable eight-year tenure in which he helped pull the U.S. economy out of the worst financial crisis and recession since the 1930's.

Under Bernanke's leadership, the Fed created extraordinary programs after the financial crisis erupted in 2008. It lent money to banks after credit markets froze, cut its key short-term interest rate to near zero and bought trillions in bonds to lower long-term borrowing rates.

Those programs are credited with helping save the U.S. banking system.

Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month in the face of rising opposition.

Yellen, 67, would likely continue steering Fed policy in the same direction as Bernanke. A close ally of the chairman, she has been a key architect of the Fed's efforts under Bernanke to keep interest rates near record lows to support the economy.

As vice chair since 2010, Yellen has helped manage both the Fed's traditional tool of short-term rates and the unconventional programs it launched to help sustain the economy after the financial crisis erupted in 2008. These include the Fed's monthly bond purchases and its guidance to investors about the likely direction of rates.

"She's an excellent choice and I believe she'll be confirmed by a wide margin," said Sen. Chuck Schumer, D-N.Y., a member of the Senate Banking, Housing and Urban Affairs Committee.

Text Only
AP National
  • Ginsburg: Court right to void clinic buffer zones WASHINGTON (AP) — Justice Ruth Bader Ginsburg is defending a rare Supreme Court decision that put her at odds with women's rights groups. Ginsburg said the court's unanimous ruling in June that struck down the 35-foot, protest-free zone on sidewalks

    August 1, 2014

  • Poll: Foreign policy no longer Obama strong point WASHINGTON (AP) — Foreign policy used to be a bright spot in Americans' opinion of President Barack Obama. Not anymore. An Associated Press-GfK poll finds that dissatisfaction with Obama's handling of events in Ukraine, Gaza and elsewhere now matches

    August 1, 2014

  • US employers add 209K jobs, rate rises to 6.2 pct. WASHINGTON (AP) — U.S. employers extended their hiring surge into July by adding a solid 209,000 jobs. It was the sixth straight month of job growth above 200,000, evidence that businesses are gradually shedding the caution that had marked the 5-year

    August 1, 2014

  • Semi crash coats Indianapolis highway in butter INDIANAPOLIS (AP) — A semitrailer has overturned on an Indianapolis interstate, spilling what police say are 45,000 pounds of packages of butter and other dairy products. The crash happened about 3:30 a.m. Friday in the eastbound lanes of Interstate

    August 1, 2014

  • Contract talks in Met Opera labor dispute extended NEW YORK (AP) — It's a drama worthy of the Metropolitan Opera: Frantic, last-minute labor negotiations aimed at averting a lockout that threatens to stop both pay and benefits for thousands of singers, musicians, stagehands and other workers. With ju

    August 1, 2014

  • WWI aviation still alive at aerodrome in New York RHINEBECK, N.Y. (AP) — There's still a place where buzzing biplanes swoop in pursuit of German triplanes, where pilots in open cockpits let their scarves flutter in the wind. The sights and sounds of World War I flight are recreated regularly at the

    August 1, 2014

  • State Dept: 'No American is proud' of CIA tactics WASHINGTON (AP) — The State Department has endorsed the broad conclusions of a harshly critical Senate report on the CIA's interrogation and detention practices after the 9/11 attacks, a report that accuses the agency of brutally treating terror susp

    July 31, 2014

  • GOP: Lerner emails show bias against conservatives WASHINGTON (AP) — Congressional investigators say this is why they want all of Lois Lerner's emails. Newly released emails show the former IRS official referring to some right-wing Republicans as "crazies" and more, a revelation that is fueling GOP c

    July 31, 2014

  • Suing Obama: GOP-led House gives the go-ahead WASHINGTON (AP) — A sharply divided House approved a Republican plan Wednesday to launch a campaign-season lawsuit against President Barack Obama, accusing him of exceeding the bounds of his constitutional authority. Obama and other Democrats derided

    July 31, 2014

  • As US job market strengthens, many don't feel it WASHINGTON (AP) — The U.S. unemployment rate has plunged since the start of last year to a five-year low of 6.1 percent. And the July jobs report being released Friday will likely show a sixth straight month of healthy 200,000-plus gains. Yet for Do

    July 31, 2014

Obituaries
Record
Facebook
AP National