The White House says President Obama intends to nominate Federal Reserve Vice Chairwoman Janet Yellen to chair the Federal Reserve, once Ben Bernanke completes his term in January.
If confirmed, Yellen, 67, would be the first woman to head the American central bank.
Obama is scheduled to make the announcement at 3 p.m. ET. Wednesday.
“The nomination would conclude a long and unusually public debate about Mr. Obama’s choice which started last June when he said that Ben Bernanke wouldn’t be staying in the post after his term ends in January.
“Mr. Obama gave serious consideration to his former economic adviser, Lawrence Summers, who pulled out in September after facing resistance from Democrats in the Senate.”
Yellen has served as vice chairwoman of the Board of Governors of the Federal Reserve System since 2010. She had previously served as the CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010 and as governor of the Federal Reserve Board from 1994 to 1997.