Janet Yellen, vice chairman of the Federal Reserve System‘s board of governors since October 2010, will be nominated chairman of the central bank by President Barack Obama Wednesday, Reuters reports.
Mark Felsenthal and Jeff Mason write she will likely get the needed 60 Senate votes for confirmation, which would make her the first female in history to chair the Fed’s board.
Ben Bernanke’s second term as Fed chairman ends on Jan. 31, according to the report.
Yellen served as a Fed board governor between 1994 and 1997 before joining the Clinton administration’s Council of Economic Advisers and has also served as president of the San Francisco Federal Reserve Bank.
Former White House economic adviser Larry Summers withdrew his name last month from consideration for the Fed chairman post.