Obama to announce Yellen as Bernanke replacement

WASHINGTON — President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the U.S. central bank, the White House said Tuesday. Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry.
Both Yellen and Bernanke are scheduled to appear with Obama at the White House on Wednesday for a formal announcement.

Obama to announce Yellen as Bernanke replacement