Washington, DC, United States (4E) – President Barack Obama will nominate Janet Yellen to be the chairman of the Federal Reserve replacing the outgoing Ben Bernanke potentially making her the first female leader of the central bank in its 100-year history.
Obama is expected to announce the nomination of the current Feb vice chair at 3 p.m. in Washington, according to the White House.
Yellen has been Fed vice chair since 2010. She became Obama’s choice after Democrats opposed his other choice, former Treasury secretary and White House economic adviser Lawrence Summers.
Yellen is expected to get Senate confirmation easily as Senate Banking Committee Chairman Tim Johnson (D- S. Dak.) promised to move her nomination forward in a timely manner because he believes her depth of experience is unmatched.
Sen. Charles Schumer (D-N.Y.) believes she will be confirmed by a wide margin because she is an excellent choice.
Yellen was chairman of the Council of Economic Advisers in the Clinton administration. She would become the first Democrat to lead the Fed since Paul A. Volcker stepped down in 1987.
Bernanke, whose term ends on Jan. 31, served as Fed chairman for eight straight years. He led the rescue of the financial system in 2008 and took unprecedented steps to try to get the economy growing faster in the years since then.
Among these steps are keeping short-term interest rates near zero for several more years and buying $85 billion worth of bonds per month to drive down interest rates on mortgages and other loans even further.