WASHINGTON — President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the nation’s central bank, the White House said. Yellen would be the first woman to head the Fed, taking over at a pivotal time for the economy and the banking industry.
Both Yellen and Bernanke are scheduled to appear with Obama at the White House today for a formal announcement.
Bernanke will serve until his term ends Jan. 31, completing an eight-year tenure in which he helped pull the U.S. economy out of the worst financial crisis and recession since the 1930s.
Yellen, 67, emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month.
She has been a key architect of the Fed’s efforts under Bernanke to keep interest rates near record lows to support the economy.