Obama's Fed chair selection would be first woman in the job

by Ben Reilly Thu Oct 10, 2013 6:30 pm

Barack Obama’s choice for chairman of the Federal Reserve, Janet Yellen, pledged to help those hardest hit by the recession and safeguard the financial system, at the official announcement of her nomination on Wednesday.

At a White House press conference, Obama praised current Fed chairman Ben Bernanke for leading the US through “some of the most daunting circumstances of as lifetime. He has truly been a stabilizing force –not only for our country, but for the entire world,” Obama said.

Obama described Yellen’s nomination as “one of the most important economic decisions that I’ll make as president.”

He said Yellen was one of the world’s leading economists and had a proven track record at the Fed, where she is currently vice-chair: “She’s a proven leader and she’s tough – not just because she comes from Brooklyn.”

http://www.theguardian.com/business/2013/oct/09/humbled-janet-yellen-pledges-help-hardest-hit

A bit about where Yellen grew up:

"Bay Ridge is a largely middle-class neighborhood. With its strong family presence, it is not uncommon to see third or fourth generation families living in the region. Until the early 1990s Bay Ridge was a primarily Irish, Italian, and Norwegian[3] neighborhood. Today, Bay Ridge maintains a sizable Irish, Italian, and Greek population, but like other areas in South/Southwest Brooklyn, late in the 20th century it saw an influx of Russian, Polish, and Lebanese, and lesser numbers of Chinese. In recent decades many Middle Eastern and Arab Americans have moved to Bay Ridge."