Many seem to believe that since Larry Summers stepped out the race on Sunday, Janet Yellen is back in the race. Her impeccable resume and experience in various roles speaks volumes as to why she was always considered a player in the race for the Federal Reserve chairperson.
The withdrawal Sunday of Summers—a former Bill Clinton-era Treasury Secretary and more recently a top Obama economic adviser—followed growing resistance from Democrats on the Senate Banking Committee, which is the panel charged with sending any nomination to the full Senate for a vote.
The withdrawal from Summers wasn’t acceptable from many including investors, resulting in the surge of U.S. stock futures and the falling of interest rates. It’s clear that some have their favorites, but not to consider Yellen as a front runner is preposterous.
Is the resistance of Yellen being a favorite due to gender? She undoubtedly is qualified for the position. If appointed, she would become the first woman to head the central bank in its 100-year history.
Obama is expected to announce a nominee for the Fed chairman as early as this month. Ben Bernanke's term ends Jan. 31, 2014. He has indicated that he does not want to continue in the job for a third term.
Bahiyah Shabazz is one of the nation's leading financial experts on the art of maximizing growth, entrepreneur, personal wealth expert, and author of "Spending fast: Clean up your finances in 5 days", "Finances are linked to emotions: live within your means", and many more. Bahiyah Shabazz is also a motivational speaker, columnist, and radio host of ‘Fix Your Money’. If you have questions or topic suggestions please email: contact@BahiyahShabazz.com.