The White House has nominated Janet Yellen as the first woman to head the United States Federal Reserve , arguably the most important job in global finance . But the decision will likely face stiff opposition by extreme conservatives in the U . S . Senate . If she is confirmed by the Senate , President Barack Obama will make history by tapping the first woman to head the American central bank in its 100 - year history . That will surely make Senate Republicans even angrier . Current Fed Chairman Ben Bernanke is set to step down early next year . Yellen was appointed vice - chair of the Fed in October 2010 . Previously , she was president and CEO of the Federal Reserve Bank of San Francisco and also served as chair of the Council of Economic Advisers from 1997 to 1999 . An expert on job markets , Yellen was a strong ally of Bernanke as he tried to use low interest rates and so - called “ quantitative easing , ” in which the Fed pumps some $ 80 billion a month into treasury markets by buying up bonds , with the hope of re - animating a torpid U . S . job market . The choice is somewhat surprising as Larry Summers appeared as Obama ’ s favored candidate . The choice of Yellen signals a concession to Senate Democrats who were unhappy with Summers ’ past support for financial deregulation before the world banking crisis of 2008 . Yellen was among a minority of top economists who correctly warned that sub - prime mortgages posed a severe threat to financial stability . But she has also built a reputation as a so - called “ dove , ” someone more concerned about keeping interest rates low to reduce unemployment than raising them to avert high inflation . Far right Republicans will likely oppose her nomination on those grounds , while they argue that the Fed ’ s low - rate policies raise the risk of high inflation which might increase the risk of bubbles in assets like stocks and real estate . Inflation in September was 1 . 5 percent , and annual inflation has remained well below 2 percent for the year , according to the U . S . Bureau of Labor Statistics . Republican senator Bob Corker of Tennessee , a member of the Senate banking committee , said he voted against her for vice chair in 2010 . By Philip Iglauer ( ephilip 2011 @ heraldcorp . com ) [ Hot News ] ◆ 朴 대통령 아세안 정상회의 서 도 ' 세일즈 외교 ' 주력 ◆ 미국 새 연준 의장 에 재닛 옐런 현 부의장 ◆ 세계 최초 휘 는 화면 스마트폰 ' 갤럭시 라운드 ' 출시 ◆ " 삼성 , 실리콘밸리 서 인수 대상 업체 물색 " ◆ 따뜻 한 의학 드라마 ' 굿 닥터 ' 시청 률 . .. 더 많 은 기사 보 러 가 기 → [ 코리아 헤럴드 홈페이지 ] [ 트위터 ] [ 페이스북 ] 구독 신청 1588 - 0533