President Obama on Wednesday will nominate Federal Reserve vice chairman Janet Yellen to lead the U.S. central bank, officials said, selecting a renowned economist with a focus on combating unemployment for one of the most powerful positions in the world.
Yellen would become the first female chief of the central bank.. As Fed chairman, she would have vast power over the economy, and her record suggests that she would use it to continue for as long as possible a stimulus program aimed at boosting growth. She would also be the top steward of the nation’s financial system, an area where less is known about her views.
The former chairman of the Council of Economic Advisers in the Clinton administration, Yellen would also be the first Democrat to lead the Fed since Paul Volcker stepped down in 1987.
Obama, waylaid in Washington due to the government shutdown, will announce Yellen’s nomination at the White House on Wednesday afternoon. Obama and Yellen will be joined by outgoing Fed Chairman Ben S. Bernanke, who has resisted officially announcing his departure until a successor was named.