US President Barack Obama will nominate Federal Reserve Vice-Chair Janet Yellen to be the next head of the US central bank on Wednesday, according to a White House official.
If confirmed by the US Senate, Ms Yellen would replace Ben Bernanke, who has held the post for eight years.
She has been his deputy for the last two years, and would become the first woman to head the Federal Reserve.
She has taught at Harvard University and the London School of Economics, as well as holding a series of senior administrative positions in the US.
Ms Yellen, like Mr Bernanke, is seen as a 'dove', meaning she prefers to prioritise boosting employment by keeping rates low rather than worrying about inflation.
Her nomination has been widely expected after former Treasury Secretary, Larry Summers withdrew his candidature.
Source: Reuters
