Obama to Nominate Yellen to Succeed Bernanke as Fed Chair

U.S. President Barack Obama on Wednesday will nominate Janet Yellen as the next chair of the Federal Reserve System, according to a White House official. Yellen aged 67, would replace Ben Bernanke, who would be leaving after two terms as chair.

Yellen would need to be confirmed by the U.S. Senate – Democrats have majority control of the Senate.

If confirmed, Yellen would be the first woman to chair the Federal Reserve.

Yellen has been vice chair of the Federal Reserve since 2010.

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