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Policy: Budgets & Deficits

White House: Fed nominee Yellen to meet senators next week

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Politics,White House,Barack Obama,Rand Paul,PennAve,Economy,Federal Reserve,Ben Bernanke,Budgets and Deficits,Janet Yellen,Larry Sabato,Meghashyam Mali

The White House announced Friday that the paperwork for Janet Yellen's nomination for Federal Reserve Chairman had been sent to the Senate and that she would begin meeting with lawmakers next week ahead of her confirmation hearing.

Deputy Press Secretary Josh Earnest told reporters aboard Air Force One on the way to an event in New York City that Yellen’s paperwork had been submitted on Thursday.

"Next week she will begin visiting with individual senators on the Hill,” Earnest said. “As the president said when he nominated her earlier this month, she is exceptionally well qualified for this role."

"We look forward to the Senate confirming her swiftly," he added.

Yellen, an economist and current Fed vice chairwoman, was tapped by President Obama to replace outgoing Chairman Ben Bernanke.

At a White House event formally announcing her selection earlier this month, Obama praised her as a “proven leader” and “tough.”

Her selection came after former Obama adviser Larry Summers, who was seen as the White House favorite, withdrew his name from consideration. Many Democrats had said they would oppose Summers if he was tapped for the top post, criticizing his close ties to Wall Street.

Despite strong support from Democrats, Yellen may face a long confirmation fight as many Republicans hope to use her hearings to target certain Federal Reserve policies.

On Friday, Sen. Rand Paul, R-Ky., threatened to hold up her nomination unless the Senate votes on his Federal Reserve audit bill. Paul says his legislation would increase transparency and accountability at the nation's central bank.

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