Janet Yellen and the Future of the Fed

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Today, the Federal Reserve convenes for the second day of a two-day meeting.

At the top of the agenda are possible cutbacks on the $85 billion-per-month stimulus program.

But also looming is the question of who will succeed Chairman Ben Bernanke when his term ends in January.

Until earlier this week, the presumptive front-runner for the seat was Treasury Secretary and former Obama Chief Economic Adviser Larry Summers. But on Sunday, Summers withdrew his name from consideration for the post.

As a result of Summers' withdrawal, the new presumptive front-runner is Janet Yellen, current vice chair of the Board of Governors of the Federal Reserve.

But who is Janet Yellen? And what will she bring to the position if selected?

Susan M. Phillips has some insights to share. She served on the Board of Governors of the Federal Reserve from 1991 to 1998, overlapping with Janet Yellen during Yellen’s first appointment from 1994 to 1997.