Obama Will Pick Yellen As Fed Chair: Senate’s 2nd Highest Democrat

President Barack Obama will choose Janet Yellen as head of the Federal Reserve, the Senate’s second-ranking Democrat predicted.

“I would bet a few bucks that that would happen if I were a betting man,” Senator Richard Durbin of Illinois told Peter Cook in a Bloomberg Television interview for “Capital Gains” airing this weekend.

Durbin, who has a close relationship with Obama, is one of about 20 Senate Democrats who signed a July 26 letter urging Obama to pick Yellen, 67, the central bank’s current vice chairman.

“That’s hard to say,” Durbin said when asked whether Yellen would have a smooth confirmation in the Senate. “The confirmation process is long. It’s very tough. And a lot of questions and investigation go into it, but she’s sure done a great job with the Federal Reserve. And I think she’s in a position where she could lead it effectively.”

Bloomberg

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