Yellen Picked for Fed Chair

Yellen Picked for Fed Chair

President Obama nominates Janet Yellen for Chairman of the Federal Reserve.
(NBC News) For the first time in the Federal Reserve's 100 year history a woman could soon the world's most powerful central bank.

President Obama has nominated the Federal Reserve Vice-chairman Janet Yellen to replace outgoing Chairman Ben Bernanke.

Yellen has worked closely with Bernanke in recent years.

Together they lent banks money and cut interest rates to historic lows, helping to pull the country from financial crisis.

Yellen is known for supporting policies that combat unemployment even if it means spending more.

It's those tactics that have some Republicans challenging her nomination.

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