President Barack Obama will formally announce his nomination of Janet Yellen as chairwoman of the Federal Reserve on Wednesday following an extended search to fill one of the world's most prestigious economic positions, the New York Times reported.
Yellen, 67, would be the first woman to control the central banking center of the U.S. and would replace Ben Bernanke, appointed in 2006 by President George W. Bush. She has worked as the vice chairwoman of the Fed since 2010 after Obama nominated her for the position, which was quickly confirmed by Senate.
Although Senator Charles E. Schumer (D-N.Y.) said Yellen will receive bipartisan support of Senate, she could face serious opposition from Republicans like Senator Bob Corker (R-Tenn.) who voted against her role as vice chairwoman for "her dovish views on monetary policy."
"We will closely examine her record since that time," said Corker, who works on the Banking Committee, which must approve her nomination before it goes to the rest of Senate. "But I am not aware of anything that demonstrates her views have changed."
While her nomination was generally expected, Obama was also considering former advisor Larry H. Summers until he dropped his candidacy following opposition from some Democratic senators.
Yellen is known for supporting policies that promote lower unemployment rather than ones that prioritize controlling inflation, arguing that some inflation is good for employment.
"Janet has a talent for being able to disagree without being disagreeable," said Alan Blinder, who served with Yellen on the Fed's board in the 90s.
Before working as the vice chairwoman of the Fed, Yellen was the president of the Federal Reserve Bank of San Francisco, a White House adviser, a Fed governor during the Clinton administration, and professor at the University of California, Berkeley.
Yellen and Bernanke will appear with Obama at 3:00 p.m. in the East Room of the White House for the official announcement.
