March 12, 2010 / 3:25 AM / 7 years ago

FACTBOX-Five facts about Obama Fed pick Yellen

2 Min Read

WASHINGTON, March 11 (Reuters) - U.S. President Barack Obama plans to name San Francisco Federal Reserve Bank President Janet Yellen to be vice chairman of the central bank, a source familiar with the process said on Thursday.

She would replace current Fed No. 2 Donald Kohn, who has said he intends to step down when his term expires on June 23.

Following are five facts about Yellen.

* Yellen was a governor on the Fed's Washington-based Board of Governors from August 1994 to February 1997.

* She chaired the White House Council of Economic Advisers from 1997 through August 1999 under President Bill Clinton.

* She has been president of the San Francisco Federal Reserve Bank, one of 12 regional Fed banks, since June 2004.

* Yellen, 62, is a native of Brooklyn, New York, and received a PhD in economics from Yale University in 1971.

* She is considered one of the most "dovish" members of the central bank's policymakers, meaning she is seen to lean toward policies that will lift growth and promote employment rather than those aimed at keeping inflation at bay.

"Even with my moderate growth forecast, the economy will be operating well below its potential for several years," she said on Feb. 22.

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