Federal Reserve Vice Chairwoman Janet Yellen emerged as the front-runner to become President Barack Obama's nominee to lead the central bank after Lawrence Summers pulled out of the contest amid stiff congressional resistance, according to people familiar with the process.
Mr. Obama in June mentioned three final candidates for the job in a closed-door meeting with lawmakers—Ms. Yellen, Mr. Summers, and former Fed Vice Chairman Donald Kohn, but Ms. Yellen and Mr. Summers have long been seen as the two leading candidates.
Source: Wall Street Journal. Read full article. (link)