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It’s widely thought that Federal Reserve Chair Ben Bernanke will step down when his appointment expires next January.
Two well-known economists are considered top contenders for the position: Larry Summers and Janet Yellen.
Summers, who previously served as the president of Harvard University and Secretary of the Treasury in the Clinton administration from 1999 to 2001, has close ties to President Obama.
But Summers received flak for his support of financial deregulation in the 1990s.
Janet Yellen is second in command at the Federal Reserve. If she is selected, she would be the first woman to serve as the chair of the Federal Reserve.