Netroots Nation: How We Won the Janet Yellen Fight

July 24, 2014

The chair of the Federal Reserve is by many accounts the second most powerful person in the United States after the president, but what the Federal Reserve does is a mystery to most Americans. Last year, there was an unusual public debate about who President Barack Obama should appoint as chairman of the Federal Reserve to replace departing chair Ben Bernanke. Bernanke’s vice chair, Janet Yellen, a renowned economist, had worked with Bernanke to prevent a second Great Depression, and it was widely expected that President Obama would appoint her. Then, suddenly, it seemed as though former Treasury Secretary Lawrence Summers, with the backing of powerful Wall Street Democrats, was going to get the job. Then, equally suddenly, Summers withdrew his name, paving the way for President Obama to appoint Yellen as the first woman chair of the Fed.

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