Janet Yellen To Be Officially Nominated As Fed Chair

Here’s your happy feel-good news o’ the day, progressives! President Obama is reportedly preparing to officially nominate  Federal Reserve Vice Chairwoman Janet Yellen to head the central bank.

Mr. Obama is expected to announce the nomination at 3 p.m. ET at the White House.

The nomination would conclude a long and unusually public debate about Mr. Obama’s choice which started last June when he said that Ben Bernanke wouldn’t be staying in the post after his term ends in January.

Mr. Obama gave serious consideration to his former economic adviser, Lawrence Summers, who pulled out in September after facing resistance from Democrats in the Senate.

Simply getting Larry Summers removed from consideration was a major coup for the progressive base. Getting the more-qualified woman nominated in his stead is a real victory.

But this is not just good news for progressives. It’s good news for the economy as a whole and for the unemployed in particular, as Yellen has proven more flexible in her thinking over the years, more responsive to economic challenges, and has a long history of supporting pro-employment policy.

Bonus: The nomination also gives President Obama an opportunity to demonstrate he’s still serious about governing, in contrast to GOP shenanigans.

By: Sandi Behrns

Sandi Behrns is a noted policy nerd, new media & web developer, and consultant to progressive organizations and campaigns. She is a senior contributor to Liberaland, and the Executive Editor of Progressive Congress News.