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.”


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu