Obama picks Yellen for Fed vice-chair

federal reserve

Janet Yellen, the president of the San Francisco Federal Reserve, was on Thursday nominated to take over as vice-chairman of the central bank's board of governors.

The Fed's current vice-chairman, Donald Kohn, will leave the central bank when his term expires in June.

The White House announced that Barack Obama, the president of the United States, had also proposed Peter Diamond, an academic, and Sarah Raskin, the head of a state regulator, to fill two more vacancies for governors on the board,

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