President Barack Obama nominated Janet Yellen to serve as the next Federal Reserve chair. If confirmed by the Senate, Yellen would become the first woman to serve in the top spot.
"Janet is exceptionally well-qualified for this role. She's served in leadership positions at the Fed for more than a decade. As vice chair for the past three years, she's been exemplary and a driving force of policies to help boost our economic recovery," President Obama said in remarks at the White House.
Yellen, who currently serves as vice chair of the Federal Reserve, has a resume that includes posts as president and chief executive officer of the Federal Reserve Bank of San Francisco, president of the Western Economic Association, vice president of the American Economic Association and a fellow of the Yale Corporation.
Yellen would succeed Ben Bernanke, the current chairman of the Federal Reserve, who is expected to step down from the role in January 2014.
In his remarks, President Obama said that, thanks to Bernanke, "more families are able to afford their own home, more small businesses are able to get loans to expand and hire workers, more folks can pay their mortgages and their car loans. It's meant more growth and more jobs."
Following the president's remarks, Yellen also gave a brief speech about the nomination calling herself "honored" and "humbled." Yellen pledged to do her utmost to "meet the great responsibilities that Congress has entrusted to the Federal Reserve--to promote maximum employment, stable prices, and a strong and stable financial system."