Update: Janet Yellen to Be Named Fed Chief

The White House has leaked the news that President Obama will indeed name Janet Yellen as the next chairperson of the Federal Reserve Board of Governors.  Should she be confirmed, she will be the first woman to hold the position.  Of course, it would be foolish to depend on Congress to do anything these days, but I suspect her chances of getting confirmed are quite good.

Last month, I wrote a profile piece on Yellen.  Take a look at it before the President announces her nomination tomorrow afternoon:

A WOMAN ON THE MOVE (click to follow link)

A Woman on the Move

FISCAL MONITOR

Federal Reserve Vice Chairwoman Janet Yellen speaks at an International Monetary Fund event. IMF photo via Flickr

Janet Yellen is about to become the most powerful female in U.S. political history, and most Americans have never heard of her.

Granted, we’ve had women in positions of political power before this point.  There have been three female secretaries of state – Madeleine Albright, Condoleezza Rice, and Hillary Clinton – each of whom was fourth in the line of presidential succession.  Our two female vice presidential nominees, Geraldine Ferraro and Sarah Palin, ended up losing.  One woman, also Hillary Clinton, came very close to gaining the presidential nomination of a major political party.

Sandra Day O’Connor, Ruth Bader Ginsburg, Sonia Sotomayor, and Elena Kagan have all been members of the Supreme Court.  You could also make the case that some First Ladies, such as Eleanor Roosevelt and Hillary Clinton (again), held enormous power through their influence over the president.  Nancy Pelosi has served as Speaker of the House of Representatives, placing her second in the line of presidential succession, arguably the highest ranking achieved by a woman in America’s political system. Continue reading