World News

    New US Central Bank Chief an Open Question

    The withdrawal of the leading candidate to head the U.S. central bank leaves it an open question who President Barack Obama might name to succeed outgoing Chairman Ben Bernanke.

    A key White House economic adviser in the early years of Mr. Obama's presidency, Lawrence Summers, withdrew his name Sunday from consideration to lead the Federal Reserve, the country's key monetary policy agency and an important link in the world economy.

    His withdrawal could lead to the appointment of the first woman chairman of the Fed, Janet Yellen, currently the central bank's vice chairman. But other economic leaders could also be named.

    One leading U.S. economist, Jim O'Sullivan of High Frequency Economics, told VOA Yellen is the likely choice and would lead to a continuation of Fed support for the American economic recovery.



    "Certainly the expectation now is that it will be the vice chair, Janet Yellen. Obviously, she was the favorite a few months ago, and I would say she's the favorite again now. That certainly would be continuity in terms of current policy."



    Washington officials believed Summers, a former Harvard University president, was Mr. Obama's first choice to replace Bernanke, when his term expires in January. But several Democratic senators had voiced opposition to Summers' possible appointment, telling the White House that he was too lax on financial regulation.



    In a letter to Mr. Obama, Summers said hearings on his confirmation by the Senate would have been acrimonious and would not have been helpful for the country's economic recovery from the depths of the 2009 recession.

    Mr. Obama has not publicly said when he plans to name Bernanke's successor. The president has said he has interviewed Donald Kohn, a former Fed vice chairman. Some leading economists in the country are supporting Yellen's appointment.

    Speculation over a new central bank chief comes at a key time. Federal Reserve policy makers are meeting this week to decide whether to curtail the economic stimulus measures they have used to try to boost the U.S. economy, the world's largest.

    The Fed has been buying $85 billion worth of securities a month to put more money into the economy, but says it may start to trim the purchases and end them altogether by mid-2014. U.S. economic growth has been modest, with expansion of the labor market weakening in recent months.

    This week is the fifth anniversary of the start of the world economic downturn, with the collapse of Lehman Brothers, a U.S.-based investment bank. Mr. Obama said the U.S. economy has advanced since then, but that the labor market needs to expand and looming government spending and debt issues need to be resolved quickly.

    The U.S. in the last five years has imposed new restrictions on operations at large banks, but O'Sullivan said the regulations may not be sufficient to prevent another meltdown.



    "I guess I'd have to say no, in the sense that there's certain things perhaps you can't control for. Certainly, this crisis is going is going to be in our memory for awhile, and I think that will influence behavior, as well as the actions of regulators. But I mean, that said, there are limits to what can be controlled through regulation."

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Brexit Vote Plunges Global Markets Into Unchartered Territoryi
    X
    June 24, 2016 9:38 PM
    British voters plunged global markets into unknown territory after they voted Thursday to leave the European Union. The results of the Brexit vote, the term coined to describe the referendum, caught many off guard. Analysts say the resulting volatility could last for weeks, perhaps longer. Mil Arcega reports.
    Video

    Video Brexit Vote Plunges Global Markets Into Unchartered Territory

    British voters plunged global markets into unknown territory after they voted Thursday to leave the European Union. The results of the Brexit vote, the term coined to describe the referendum, caught many off guard. Analysts say the resulting volatility could last for weeks, perhaps longer. Mil Arcega reports.
    Video

    Video Orlando Shooting Changes Debate on Gun Control

    It’s been nearly two weeks since the largest mass shooting ever in the United States. Despite public calls for tighter gun control laws, Congress is at an impasse. Democratic lawmakers resorted to a 1960s civil rights tactic to portray their frustration. VOA’s Carolyn Presutti explains how the Orlando, Florida shooting is changing the debate.
    Video

    Video Tunisian Fishing Town Searches for Jobs, Local Development Solutions

    As the European Union tries to come to grips with its migrant crisis, some newcomers are leaving voluntarily. But those returning to their home countries face an uncertain future.  Five years after Tunisia's revolution, the tiny North African country is struggling with unrest, soaring unemployment and plummeting growth. From the southern Tunisian fishing town of Zarzis, Lisa Bryant takes a look for VOA at a search for local solutions.
    Video

    Video 'American Troops' in Russia Despite Tensions

    Historic battle re-enactment is a niche hobby with a fair number of adherents in Russia where past military victories are played-up by the Kremlin as a show of national strength. But, one group of World War II re-enactors in Moscow has the rare distinction of choosing to play western ally troops. VOA's Daniel Schearf explains.
    Video

    Video Experts: Very Few Killed in US Gun Violence Are Victims of Mass Shootings

    The deadly shooting at a Florida nightclub has reignited the debate in the U.S. over gun control. Although Congress doesn't provide government health agencies funds to study gun violence, public health experts say private research has helped them learn some things about the issue. VOA's Carol Pearson reports.
    Video

    Video Trump Unleashes Broadside Against Clinton to Try to Ease GOP Doubts

    Recent public opinion polls show Republican Donald Trump slipping behind Democrat Hillary Clinton in the presidential election matchup for November. Trump trails her both in fundraising and campaign organization, but he's intensifying his attacks on the former secretary of state. VOA National Correspondent Jim Malone reports.
    Video

    Video Muslim American Mayor Calls for Tolerance

    Syrian-born Mohamed Khairullah describes himself as "an American mayor who happens to be Muslim." As the three-term mayor of Prospect Park, New Jersey, he believes his town of 6,000 is an example of how ethnicity and religious beliefs should not determine a community's leadership. Ramon Taylor has this report from Prospect Park.
    Video

    Video Internal Rifts Over Syria Policy Could Be Headache for Next US President

    With the Obama administration showing little outward enthusiasm for adopting a more robust Syria policy, there is a strong likelihood that the internal discontent expressed by State Department employees will roll over to the next administration. VOA State Department correspondent Pam Dockins reports.
    Video

    Video Senegal to Park Colorful ‘Cars Rapide’ Permanently

    Brightly painted cars rapide are a hallmark of Dakar, offering residents a cheap way to get around the capital city since 1976. But the privately owned minibuses are scheduled to be parked for good in late 2018, as Ricci Shryock reports for VOA.
    Video

    Video Florida Gets $1 Million in Emergency Government Funding for Orlando

    The U.S. government has granted $1 million in emergency funding to the state of Florida to cover the costs linked to the June 12 massacre in Orlando. U.S. Attorney General Loretta Lynch announced the grant Tuesday in Orlando, where she met with survivors of the shooting attack that killed 49 people. Zlatica Hoke reports.
    Video

    Video How to Print Impossible Shapes with Metal

    3-D printing with metals is rapidly becoming more advanced. As printers become more affordable, the industry is partnering with universities to refine processes for manufacturing previously impossible things. A new 3-D printing lab aims to bring the new technology closer to everyday use. VOA's George Putic reports.
    Video

    Video Big Somali Community in Minnesota Observes Muslim Religious Feast

    Ramadan is widely observed in the north central US state of Minnesota, which a large Muslim community calls home. VOA Somali service reporter Mohmud Masadde files this report from Minneapolis, the state's biggest city.

    Special Report

    Adrift The Invisible African Diaspora