Yellen’s Chances for Fed Chairman Grow

The prospects of Janet Yellen becoming the next U.S. Federal Reserve chairman increased as White House officials began gauging lawmakers’ support and she won the backing of a top Senate Democrat.

Senator Charles Schumer, the chamber’s No. 3 Democrat and a senior member of the Banking Committee, yesterday called Yellen, currently the Fed’s vice chairman, an “excellent choice” to succeed Ben S. 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.


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