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Fed’s Yellen Postpones New York Speech as Her Candidacy Gains

Federal Reserve Vice Chairman Janet Yellen postponed a speech next month to the Economic Club of New York, the club said today, as her prospects of becoming the next Fed chairman gained.

Yellen’s planned appearance Oct. 1 “will be rescheduled,” the club said in an e-mailed statement. “We will return any advance payments.”

The likelihood of Yellen, 67, replacing Ben S. Bernanke as Fed chief has increased as White House officials began gauging lawmakers’ support and she won the backing of a top Senate Democrat this week.

Senator Charles Schumer of New York, the chamber’s No. 3 Democrat and a senior member of the Banking Committee, on Sept. 18 called Yellen an “excellent choice” to succeed Bernanke when his term expires on Jan. 31.

President Barack Obama’s aides, meanwhile, have begun making calls to U.S. Senate offices to discuss the process of selecting the next central bank chief, mentioning Yellen by name, according to three Senate Democratic staff members.

The calls to senators’ offices follow the decision by former Treasury Secretary Lawrence Summers to withdraw his name from consideration, announced Sept. 15.

Michelle Smith, a spokeswoman for the Fed in Washington, didn’t immediately return a phone call seeking comment.

To contact the reporter on this story: Caroline Salas Gage in New York at csalas1@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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