Baku-APA. U.S. President Barack Obama is to nominate current Federal Reserve vice chair Janet Yellen to be the next chief of the U.S. central bank on Wednesday, local media reported on Tuesday, APA reports quoting Xinhua.
If confirmed by the U.S. Senate, Yellen would replace Ben Bernanke, who is poised to step down in January 2014.
Yellen has become the front runner for the Fed chair contest after former U.S. Treasury Secretary Lawrence Summers withdrew from consideration last month. If confirmed, Yellen would be the first woman to lead the central bank in its 100-year history.
The nomination has been delayed by the ongoing fiscal wrangle and government shutdown, sources have told Xinhua.
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