Janet Yellen is set to step up from vice-chair at the Fed
to the top post
US President Barack Obama will nominate Federal
Reserve Vice-Chair Janet Yellen to be the next
head of the US central bank on Wednesday,
according to a White House official.
If confirmed by the US Senate, Ms Yellen would replace
Ben Bernanke, who has held the post for eight years.
She has been his deputy for the last two years, and
would become the first woman to head the Federal
Reserve.
Ms Yellen and Mr Bernanke are due to appear with the
president on Wednesday.
She has taught at Harvard University and the London
School of Economics, as well as holding a series of
senior administrative positions in the US.
Ms Yellen, like Mr Bernanke, is seen as a 'dove',
meaning she prefers to prioritise boosting employment
by keeping rates low rather than worrying about
inflation.
Her nomination has been widely expected after former
Treasury Secretary, Larry Summers withdrew his
candidature.
One senior US senator, Democrat Charles Schumer,
said Ms Yellen had the backing of politicians and would
win Senate confirmation "by a wide margin".
The chairman of the US Senate Banking Committee, Tim
Johnson, said she had "a depth of experience that is
second to none".
"I have no doubt she will be an excellent Federal
Reserve chairman," he added.
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