President Barack Obama will be nominating Janet Yellen to be the first woman to head the Federal Reserve Bank, a White House official said.
Yellen, who has been Deputy Chairperson at the bank for last two years, would replace Ben Bernanke after his eight years of service, the BBC reports.
According to the report, she has taught at Harvard University and the London School of Economics, and she also holds a series of senior administrative positions in the U.S.
Yellen prefers boosting employment by keeping rates low, rather than worrying about inflation, the report added.
Her nomination was speculated since former Treasury Secretary, Larry Summers, withdrew his candidature.
