His term as chairman ends in January.
Yesterday, the president announced his pick to takeBernanke's place.
The pick is the current vice chairman, Janet Yellen.
She has support, but some critics are worried that she'll follow the same policies as BenBernanke.
It's the U.S. Senate's job to decide whether to confirm the president's nominee.
If the Senate does confirm her, this nominee would make history.
Oprah Winfrey. Hillary Clinton.
On the list of the world's most powerfulwomen. Time to add Janet Yellen?
Ever heard the name Janet Yellen?
No, I have not.
No, this is the first time, yes, never heard of her.
The first woman nominated to run the Fed.
She's going to run the what?
The Fed. Short for Federal Reserve.
The agency oversees all U.S. banks, ensuring the money supply is stable.
It's one of the most powerful jobs on the planet.
Do you know what the Fed does?
Don't they regulate interest rates?
Money. Control of money.
They control interest rates and stuff like that.
I do know that. There are two functions.
First is to maximize employment, and the second is to control inflation.
Wow, how do you know that? Are you American?No.
Where are you from?
From Holland.
For 19 years, the Fed was run by the famously inscrutable Alan Greenspan.
Increased uncertainty can induce a higher discount of those returns.
Then came Ben Bernanke, the Great Recession, cheap money, and a more user-friendly Fed.
The economic recovery has continued at a moderate pace.
Now the president has to fill those shoes.Janet.
Thank you, Mr.Chairman.
Yellen has degrees from Brown and Yale, taught at Harvard, and got tenure at Berkeley.
Her son is an economist.
Her husband has a Nobel prize in economic theory.
The 67-year-old has been on the Fed for more than a decade.
She's been a trailblazer for women in her field.
At the highest levels of central banking, there are very few women.
She ran the San Francisco Fed, where she was known for standing in the lunch line with heroffice staff, and for her work on jobs and wages.
She recently said unemployment is not just statistics to me.
That's why so many Democrats like her, but she's also seen as a pretty safe choice on WallStreet.
All right. Have you noticed effects of the partial U.S. government shutdown?
On our blog, Solon writes, "I haven't noticed any shutdown at all, except that my parents arecomplaining about it."
Sarah thinks it's affecting some people more than others.
"I haven't been able to access some government websites due to the shutdown."
From Carson, "My mom is self-employed, and my dad is a state employee. It's not reallyaffecting us."
Louis says, "I was planning to go to the Blue Ridge Mountains over the weekend, but with thenational parks out of service, I couldn't go."
