Oct 8 President Barack Obama will nominate
Federal Reserve Vice Chair Janet Yellen to take the helm at the
U.S. central bank when Ben Bernanke's term expires on January
A White House official said on Tuesday the announcement will
be made at 3 p.m. (1900 GMT) on Wednesday.
The nomination must be approved by the U.S. Senate.
Following are five key facts about Yellen:
- If confirmed by the Senate, Yellen, 67, would be first
woman to head the U.S. Federal Reserve, and the second woman to
lead a central bank for a developed nation. The first was Elvira
Nabiullina, who was appointed to lead Russia's central bank in
- She is seen as a dove on monetary policy, favoring
strategies that bring down unemployment even at the risk of
driving inflation higher. She has said she does not believe
there is often conflict between the two Fed goals. "When the
goals conflict and it comes to calling for tough trade-offs, to
me, a wise and humane policy is occasionally to let inflation
rise even when inflation is running above target," she said in
- She has extensive policymaking experience. Before her
appointment as Fed vice chair in 2010, Yellen took part in U.S.
monetary policymaking as president of the San Francisco Federal
Reserve Bank from 2004-2010, and as a governor on the Fed board
from 1994 to 1997. She also chaired President Bill Clinton's
Council of Economic Advisors from 1997 to 1999.
- Yellen is a sharp and respected economist. With a PhD from
Yale, she has taught economics at University of California,
Berkeley, Harvard University and the London School of Economics,
and she has published research on topics as disparate as youth
gangs, single mothers, optimal monetary policy, wage and price
rigidity, and trade.
- Economics saturates her personal life as well. She is
married to, and has co-authored a number of papers with, Nobel
Prize-winning economist George Akerlof, whom she met in the fall
of 1977 when they were both economists at the Fed board. They
married the following June and left the Fed to teach at the
London School of Economics. Their only child, now a university
economics professor, knew he wanted to go into economics by the
time he was 13.