President Obama nominated Janet Yellen on Wednesday to succeed Ben Bernanke as the head of the Federal Reserve just days before Congress must address the looming debt ceiling deadline.
Yellen, who is currently the Fed vice chairman, will take over as chairman of the Federal Reserve. Pending Senate confirmation, Yellen will be the first woman to lead the central bank, The New York Times reports.
Obama said Yellen was “renowned for her good judgment,” adding that she voiced early concerns about the financial and housing bubbles that resulted in the 2008 financial crisis, according to The New York Times.
Her nomination comes during a partial government shutdown—the result of hot debate over fiscal year funding that began Oct. 1—and the looming debt ceiling next week. Many economists and company heads have voiced concern that failing to raise the debt limit could throw the global economy into a tailspin.
Yellen has nearly unanimous Democratic support in the Senate and is expected to be confirmed, The New York Times reports.
Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Committee on Banking, Housing and Urban Development, said Yellen will have to address a “unique set of challenges” in her new position, including winding down the Fed’s experimental monetary policy and implementing remaining Dodd-Frank rules.
“I continue to strongly disagree with the Fed’s use of quantitative easing, and am eager to learn Ms. Yellen’s vision for the direction of the Federal Reserve as we go through the nomination process,” Crapo said. “Ben Bernanke has served as Fed Chairman through unprecedented economic conditions, and I greatly appreciate his many years of dedicated service.”