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Obama settles on nominee for Fed job

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WASHINGTON — Capping a lengthy and politically charged search, President Barack Obama is nominating Janet Yellen, the Federal Reserve’s vice chair, to be chairman of the nation’s powerful central bank, succeeding Ben Bernanke at a pivotal time for the economy and the Fed’s monetary policies.

If confirmed by the Senate, Yellen would be the first woman to head any country’s major central bank anywhere in the world. She also would be the first Democrat chosen to lead the Fed since Paul Volcker was picked by President Jimmy Carter in 1979. France’s Christine Lagarde heads the International Monetary Fund.

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