Janet Yellen Will Be Nominated for Fed Chair on Wednesday

A White House official has reported that President Barack Obama will nominate Janet Yellen, Vice Chairwoman of the Board of Governors of the Federal Reserve System, to succeed Federal Reserve Chairman Ben Bernanke on Wednesday, October 9.Much speculation has surrounded the next Fed Chair, and now the wait is over for President Obama's decision.Janet Yellen is an American economist and professor that previously served as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, served during the Clinton Administration as Chair of the White House Council of Economic Advisers and is also a Professor Emerita at the University of California, Berkeley's Haas School of Business.Yellen's succeeded Donald Kohn for her current position on April 28, 2010, another appointment by President Obama. Sixty-seven year old Yellen has long been the preferred pick for the Fed Chair, and this nominated will make the economist and professor the first woman head of the central bank in its 100-year history.The nomination is expected to take place at 3:00 pm EST at the White House. Ben Bernanke will be in attendance.