Janet Yellen Frontrunner For Fed Chair?

Janet Yellen Frontrunner For Fed Chair?

Yellen already has the support of roughly a third of Senate Democrats and hundreds of economists.
Janet Yellen is once again the frontrunner for Federal Reserve Chair.

This comes as former Treasury Secretary Larry Summers dropped out of the race over the weekend.

Summers was thought to be the one to beat, but pulled his name from consideration sunday.

He said he made the decision because the confirmation process would be "acrimonious and not serve the interests of the federal reserve, the administration, or ultimately, the interests of the nation's ongoing economic recovery."

Yellen already has the support of roughly a third of Senate Democrats and hundreds of economists.

If she is appointed and confirmed, she would be the first woman to head the central bank in its 100-year history.

Current Fed Chair Ben Bernanke's term ends in January.

Before a new appointment can be made official, the senate must approve President Obama's nominee.
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