Nightly News   |  October 09, 2013

Yellen: Federal Reserve can help everyone ‘build a better life’

On Wednesday Janet Yellen was nominated as head of the Federal Reserve. Yellen, the current vice chair of the Federal Reserve, was one of the first to spot the bubble and how much damage it could cause the economy. NBC’s Rehema Ellis reports.

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>>> introduced his nominee to be the next chairman of the federal reserve . her name is janet yellen . if confirmed her new post would make her the most powerful woman in the free world . it is a position that doesn't open up very often. there have been only two fed chairmen in this past quarter century. they have the power to set monetary policy for the nation and thus move markets around the world. nbc's rehema ellis reports tonight on the nominee.

>> thank you, mr. president.

>> reporter: today, janet yellen , the number two at the federal reserve , was nominated to be number one.

>> she doesn't have a crystal ball . she does have a keen understanding about how markets and the economy work.

>> reporter: endless acknowledge of foresight during the most difficult periods.

>> she was one of the first to spot the bubble and also spot how collateral damage and how much damage this could cause the economy.

>> reporter: born in brooklyn, 67-year-old yellen is surrounded by financial genius. her husband is a nobel prize winning economist.

>> their idea of a great family vacation is the beach with a suitcase full of economics books.

>> reporter: people who know her say for her brilliance she's also down to earth. she's known to eat in the calf tier i can't and has a stamp collection from her mother.

>> the past six heres have been tumultuous.

>> reporter: today she acknowledged tough times and her faith in finding solutions.

>> we can help help ensure that everyone has the opportunity to work hard and build a better life .

>> reporter: if confirmed she'll become the next chair and the first woman to lead the federal reserve in a hundred years. rehema ellis, nbc news, new