WASHINGTON, DC - OCTOBER 09: Janet Yellen speaks at the podium during a press conference to nominate her to head the Federal Reserve in the State Dining Room at the White House on October 9, 2013 in Washington, DC. If confirmed Yellen would be the first woman to lead the worlds most powerful central bank, replacing Ben Bernanke. Yellen was appointed vice chair in October 2010. She was president and CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010 and also served as chair of the
WASHINGTON (AP) - President Barack Obama says that in Janet Yellen he's found a tough and proven leader to take over as chairman of the Federal Reserve.
Yellen currently is No. 2 at the nation's powerful central bank.
She would succeed outgoing Fed Chairman Ben Bernanke at a pivotal time for the economy and the bank's monetary policies.
If confirmed by the Senate, the 67-year-old Yellen would be the first woman to head any country's major central bank.
She emerged as the favorite for the post after former treasury secretary and White House favorite Lawrence Summers withdrew from consideration in the face of mounting opposition to him being Obama's choice.
Bernanke will serve until his terms ends Jan. 31.