President Obama: Break Up the Old Boys' Club and Appoint Janet Yellen

UPDATE: After pressure from leadings economists, activists and members of Congress, Larry Summers has withdrawn his name for consideration for the chairmanship of the Federal Reserve. This clears the way for President Obama to make history by nominating Janet Yellen, who would be more likely to use the position to focus on the critical task of addressing our nation's longstanding unemployment crisis. 

After Senate Democrats sent President Obama a letter urging him to appoint Janet Yellen head of the Federal Reserve, White House officials expressed annoyance with the pressure pundits and politicians are putting on the President regarding the decision. 

However frustrated the President may be, our country's economy depends upon us not being silent. Rumors are circulating that Larry Summers could get the job, despite the fact that he has yet to show any regret over enthusiastically backing the deregulation that got us into the financial crisis. Yellen, on the other hand, sounded the alarm about our impending housing crisis before many were willing to entertain the idea. On top of that, a recent report by The Wall Street Journal revealed that she was the most accurate forecaster in all of the Fed.

If appointed, Yellen would be the first woman to head the Federal Reserve. Her detractors claim that she doesn't have the "gravitas" for the job and hint that the markets will become skittish upon her appointment. On the contrary, she would bring a much-needed perspective to a position too often filled by a tight circle of elite men who subscribe to the prevailing wisdom that crashed our economy.

All Americans have a stake in this crucial appointment. Tell the President to break up the old boys' club and appoint Janet Yellen head of the Federal Reserve. 

Janet Yellen
Janet Yellen, vice chairwoman of the Federal Reserve Bank, speaks at the Economic Club of New York (AP Photo/Mark Lennihan)

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