If confirmed by the Senate, she would replace Ben Bernanke as Chair of the Federal Reserve Board. The announcement in this regard is likely to be made by Obama at the White House on Wednesday, according to a White House official.
    
Yellen is currently Vice Chairman of the Board of Governors of the Federal Reserve System, a role to which she was appointed in October 2010.
    
Prior to joining the Board, Yellen spent much of her career at the University of California at Berkeley's Haas School of Business, where she is Professor Emerita.
    
She began teaching at UC Berkeley in 1980 and till 2010 she held a series of other positions, most recently as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco from 2004 to 2010.
    
She also previously served as Chair of the Council of Economic Advisers from 1997 to 1999 and as a Governor of the Federal Reserve Board from 1994 to 1997.
    
Prior to teaching at UC Berkeley, she was a Lecturer at the London School of Economics and Political Science from 1978 to 1980, an economist with the Federal Reserve Board of Governors from 1977 to 1978, and an assistant professor at Harvard from 1971 until 1976.
    
She earned a BA in economics from Brown University and a PhD in economics from Yale University. "Her nomination would mean the Fed is unlikely to make any unusual lurches in its interest-rate decisions in the near-term. But she would have a number of vexing challenges almost immediately," The Wall Street Journal reported.
    
As chairwoman, she would lead a divided committee of 19 policy makers, a number of whom doubt whether the bond-buying program is doing much good and worry that the Fed portfolio of USD 3.5 trillion in Treasury and mortgage securities is getting dangerously large, the financial daily said.

Following are five key facts about Yellen:

  • If confirmed by the Senate, Yellen, 67, would be first woman to head the US 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 June.
  • 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 1995.
  • She has extensive policymaking experience. Before her appointment as Fed vice chair in 2010, Yellen took part in US 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.

JPN/Agencies

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