Long time Federal Reserve vice-chair Janet Yellen will be nominated by President Obama to take over the top job Wednesday, becoming the first woman to be nominated for the position.
President Barack Obama is set to make the announcement at 3:00 p.m., a White House official said. Yellen, who advanced as the rumored frontrunner to replace Ben Bernanke after growing opposition prodded former Treasury Secretary Larry Summers to withdraw his name from consideration, is considered to be extremely well-qualified for the job. Many Democrats in the Senate backed her ahead of Summers, praising her "impeccable resume" and her "solid record as a bank regulator."
"She's an excellent choice and I believe she'll be confirmed by a wide margin," said New York Senator Charles Schumer on Tuesday night.
"I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman," said Senate Banking Committee Chairman Tim Johnson. "She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman."
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She served as president of the San Francisco Fed, and in the 1990s, served on President Bill Clinton's Council of Economic Advisors. She has held professor positions teaching economics at the University of California, Berkeley, Harvard University and the London School of Economics.
Yellen joined the Fed's Board of Governors in 1994, and was nominated by Obama to the vice-chair role in 2010.
She is considered to have foreseen the housing crisis the portended the 2008 recession better than most, and has been key to many of the Fed's strategies in the past five years.
