Yellen is Top Pick to Lead The Fed

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There's a new milestone for women in finance, but it is perhaps a detail lost in the maelstrom of Washington politics.

Janet Yellen is now President Barack Obama's official choice to replace Ben Bernanke as chairman of the Federal Reserve when his term expires early next year.

Yellen is the number 22 at the Fed and she's the second choice of President Obama. But her expertise in executing and understanding the current Fed policies may be an asset in projecting to the world that the Fed plans to stay the course in U.S. monetary policy.

Joining us to discuss this news is Elizabeth Duke, a former Federal Reserve governor who joined the board following President George W. Bush's nomination in 2008. Duke served until August of this year.