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| Obama to nominate Janet Yellen to head Federal Reserve | Obama to nominate Janet Yellen to head Federal Reserve |
| (35 minutes later) | |
| US President Barack Obama will nominate Federal Reserve Vice-Chair Janet Yellen to be the next head of the US central bank on Wednesday, according to a White House official. | US President Barack Obama will nominate Federal Reserve Vice-Chair Janet Yellen to be the next head of the US central bank on Wednesday, according to a White House official. |
| If confirmed by the US Senate, Ms Yellen would replace Ben Bernanke, who has held the post for eight years. | |
| She has been his deputy for the last two years, and would become the first woman to head the Federal Reserve. | She has been his deputy for the last two years, and would become the first woman to head the Federal Reserve. |
| Ms Yellen and Mr Bernanke are due to appear with the president on Wednesday. | Ms Yellen and Mr Bernanke are due to appear with the president on Wednesday. |
| She has taught at Harvard University and the London School of Economics, as well as holding a series of senior administrative positions in the US. | She has taught at Harvard University and the London School of Economics, as well as holding a series of senior administrative positions in the US. |
| Her nomination has been widely expected after former Treasury Secretary, Larry Summers withdrew his candidature. | Her nomination has been widely expected after former Treasury Secretary, Larry Summers withdrew his candidature. |
| One senior US senator, Democrat Charles Schumer, said Ms Yellen had the backing of politicians and would win Senate confirmation "by a wide margin". | |
| The chairman of the US Senate Banking Committee, Tim Johnson, said she had "a depth of experience that is second to none". | |
| "I have no doubt she will be an excellent Federal Reserve chairman," he added. |