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The Boston Globe

Business

Obama to nominate Janet Yellen to head Fed

WASHINGTON — President Obama will nominate Janet L. Yellen as chairwoman of the Federal Reserve on Wednesday, administration officials said Tuesday night, ending an unusually public search to fill one of the most important economic policy-making jobs in the world.

Obama’s first choice for the job — Lawrence H. Summers, a former adviser to the president — dropped out of the running Sept. 15 in the face of opposition from Democratic senators.

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