Janet Yellen To Be Nominated To Head Federal Reserve

Janet Yellen to be nominated to head Federal Reserve

Janet Yellen will be nominated as the next chair of the Federal Reserve, succeeding Ben Bernanke, the White House said late Tuesday.

President Obama will make the announcement on Wednesday at 3pm ET, the White House said. Both Janet Yellen and current Fed chair Ben Bernanke are expected to attend.

Yellen is the vice chairman of the Fed and has been widely reported as a front-runner to succeed Bernanke.