mrs. federal reserve

Obama to Announce Yellen Nomination

Andrew Harrer/Bloomberg via Getty

Janet Yellen, vice chairman of the U.S. Federal Reserve, listens at a macro policy discussion during the International Monetary Fund (IMF) and World Bank Group Spring Meetings in Washington, D.C., U.S., on Tuesday, April 16, 2013.

Amidst the chaos of a closed government, here comes another nomination process. President Obama is preparing to announce Janet Yellen as his pick to lead the Federal Reserve as soon as Wednesday. Yellen has been the vice chairwoman of the reserve for three years, and will face numerous challenges in the coming days if she replaces Ben Bernanke. The U.S. Treasury predicts it will already be low on cash by Oct. 17 if the debt ceiling remains at the current level.