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The Boston Globe

Business

Warren signs letter backing Yellen to lead the Fed

WASHINGTON — Senator Elizabeth Warren on Friday urged President Obama to appoint Janet Yellen to head the Federal Reserve, choosing to back Yellen instead of her former Harvard colleague, Larry Summers.

The influential Massachusetts Democrat signed onto a one-page letter circulating among Senate Democrats that calls on Obama to appoint Yellen, who would become the first woman to hold the position. Yellen is currently the Fed’s vice chair, and has worked closely with chairman Ben Bernanke, who is expected to retire when his term ends in January.

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