10 Oct 2013

Obama nominee for central bank position faces deep opposition

11:47 am on 10 October 2013

The Republicans in the United States have signalled potentially significant opposition against the nomination of Janet Yellen to the post of head of the Federal Reserve.

President Barack Obama has nominated Ms Yellen to succeed Ben Bernanke when his term ends in January.

"You know Janet is renowned for her good judgement, she sounded the alarm early about the housing bubble, about excesses in the financial sector and about the risks of a major recession.

"She doesn't have a crystal ball but what she does have is a keen understanding about how markets and the economy work."

Ms Yellen is currently vice chair of the central bank.

The BBC reports that if approved by the Senate, she will become the first woman to lead the central bank.