Janet Yellen The New Favourite to Head US Fed After Summers Withdraws

There are three candidates being discussed as possible replacements to Ben Bernanke, chairman of the Federal Reserve, the US central bank.

They are vice-chair of the Federal Reserve Janet Yellen, previous vice-chair Donald Kohn and former Treasury Secretary Timothy Geithner.

President Obama will choose the candidate who will lead the world’s largest economy.

He or she must then be approved by the US Senate.

A Federal Reserve chairman is approved for a term of four years, which is often renewed.

Once he steps down in January 2014, Mr Bernanke will have served for two terms, having been first appointed by former US President George W Bush in 2006.

His predecessor, Alan Greenspan, served for a combined 19 years as head of the central bank.

via BBC

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