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Obama to Announce Yellen Nomination as U.S. Fed Chief Tomorrow

Fed Vice Chairman Janet Yellen
President Barack Obama turned to Janet Yellen, vice chairman of the U.S. Federal Reserve, after the other leading candidate, former Treasury secretary and White House economic adviser Lawrence Summers, withdrew from consideration amid mounting opposition from Democrats on the Senate Banking Committee. Photographer: Pete Marovich/Bloomberg

Oct. 8 (Bloomberg) -- President Barack Obama will nominate Federal Reserve Vice Chairman Janet Yellen tomorrow to head the U.S. central bank, a White House official said in an e-mailed statement.

Yellen, 67, would succeed Fed Chairman Ben S. Bernanke, whose term ends Jan. 31. She was the favorite in surveys of economists and had the backing of 20 members of the Senate Democratic caucus who signed a July 26 letter to Obama.

The announcement will come tomorrow during a 3 p.m. event at the White House, the official said. Bernanke will be present for the event.

Obama turned to Yellen, vice chairman of the Fed since 2010, after the other leading candidate, former Treasury secretary and White House economic adviser Lawrence Summers, withdrew from consideration amid mounting opposition from Democrats on the Senate Banking Committee.

As the Fed’s No. 2 official, Yellen has articulated the case for maintaining highly accommodative monetary policy. In a series of 2012 speeches, she outlined why interest rates could remain near zero into late 2015, and in a 2011 speech she justified the Fed’s first two rounds of large-scale asset purchases with an estimate that the programs would create 3 million jobs.

To contact the reporter on this story: Joe Sobczyk in Washington at jsobczyk@bloomberg.net

To contact the editor responsible for this story: Mark McQuillan at mmcquillan@bloomberg.net

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