President Obama to nominate Janet Yellen as chair of Federal Reserve

On Tuesday, a White House official said that Janet Yellen will be nominated as the next chair of the Federal Reserve, adding that the official announcement will be made on Wednesday afternoon. If all goes as planned, Yellen will be the central bank’s first female head.

Yellen has worked with the Federal Reserve for over 10 years, and currently serves as Fed vice chair. Her experience is partly what landed her the nomination, but her focus on resolving the unemployment crisis, and what Democrats called her “solid record as a bank regulator,” make her a strong choice.

Senate Banking Committee Chairman Tim Johnson said of the nomination: “I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman. She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman.”

Female economists especially supported Yellen’s new role. Yellen commented earlier in the year: “At the highest levels of central banking, there are very few women. But I am pleased that the representation of women is increasing a lot at other levels… I really think this is something that’s going to increase over time, and it’s time for that to happen.”