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Yellen as America’s Favorite Shows Fed Captured by Democracy

For better or worse, the Federal Reserve is no longer detached from public opinion about how the 100-year-old central bank should be run.

President Barack Obama nominated Janet Yellen today to succeed Ben S. Bernanke as Fed chief after unparalleled scrutiny during the selection process. Former Treasury Secretary Lawrence Summers, who had been the president’s favorite, withdrew from consideration on Sept. 15 after opposition from fellow Democrats, while Yellen, the Fed’s vice chairman, drew support from more than 400 economists, women’s groups, investors and politicians.