Obama to nominate Janet Yellen for Fed chief

Obama to nominate Janet Yellen for Fed chief

President Obama is expected Wednesday to nominate Federal Reserve Vice Chair Janet Yellen to lead the central bank, elevating her to the world’s most powerful economic post just as a political showdown in Washington is propelling the nation toward a possible economic crisis.

If confirmed by the Senate, Yellen, 67, would become the first woman to head a major central bank. The Fed’s vice chairman since 2010, she’s known for favoring policies promoting low unemployment as a chief concern of the Fed rather than controlling inflation.