President Obama nominated Janet Yellen, the Federal Reserve’s vice chairwoman, to be the first female chairwoman of the nation’s central bank, the Associated Press reported.
Yellen, 67, succeeds Ben Bernanke, whose terms ends Jan. 31. If confirmed by the Senate, she would be the first woman to lead any country’s major central bank, AP reported.
Yellen arose as the top candidate when former Treasury Secretary Lawrence Summers withdrew from consideration last month after facing opposition from Democrats.
She is considered a close ally of the current chairman and a key architect of the Fed’s efforts to keep interest rates near record lows to support the economy.