Janet Yellen backed for Fed role

<p>Janet Yellen has the support of Barack Obama.</p>

US president Barack Obama has confirmed he is backing Janet Yellen to take over from Ben Bernanke as chief of the Federal Reserve.

Ms Yellen, who is currently the vice-chair of the organisation, had long been considered to be the president's favoured candidate for the job.

The chairman of the US Senate Banking Committee Tim Johnson gave his support to the announcement, explaining Ms Yellen has "a depth of experience that is second to none".

He added: "I have no doubt she will be an excellent Federal Reserve chairman."

Former Treasury secretary Larry Summers opened the door for Ms Yellen to take the role after he withdrew his name from contention recently.

A formal announcement is expected to be made by the president later today (October 9th), when he is likely to appear publicly with both Mr Bernanke and Ms Yellen.

Mr Obama is still battling to bring an end to the US government shutdown that began last week after Congress failed to reach agreement on a new budget deal.

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