Yellen Nominated for Fed Chair

President Obama formally nominated Janet Yellen to head the Federal Reserve, which she has served as vice-chair since 2010. Yellen has been the frontrunner for the nomination since Larry Summers pulled out of the race last month. If confirmed by the Senate, she will be the first woman to serve at the central bank’s top post. Democrats are rallying behind her—and they control the Senate 54-46—so Yellen would only need six Republican votes to be confirmed, but the GOP are less impressed by her expected strategy of continuing Bernanke’s dovish policies. "Ms. Yellen subscribes to the liberal school of thought that the best way to handle our nation's fiscal challenges is to throw more money at them," said Texas Republican John Cornyn. It's never easy.