Peter Nicholas, Kristina Peterson and Jon Hilsenrath
report:
President Barack Obama is preparing to announce that he will
nominate Federal Reserve Vice Chairwoman Janet Yellen to become the
central bank's new leader in coming days, perhaps as soon as Wednesday.
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.
Those Senate Democrats were spurred along by an outpouring of opposition
to Summers from the progressive grassroots, including Daily Kos.
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