1. mrs. federal reserve

    Obama to Announce Yellen Nomination

    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. The IMF cut its global growth forecast and urged European policy makers to use "aggressive" monetary policy as a second year of contraction leaves the euro area's recovery lagging behind the rest of the world. Photographer: Andrew Harrer/Bloomberg via Getty Images

    Andrew Harrer/Bloomberg via Getty

    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.

    Read it at The Wall Street Journal