Obama Nominates Janet Yellen to Head Federal Reserve

Local Editor

US President Barack Obama officially nominated Janet Yellen to chair the Federal Reserve, once Ben Bernanke completes his term in January, saying "American workers and families will have a champion in."

"Yellen is the kind of person who makes everybody around her better," Obama said, adding that she is "extremely well qualified" and "renowned for her good judgment."

Obama made the announcement at the White House on Wednesday, flanked by Yellen and outgoing Fed chief Ben Bernanke. If confirmed, Yellen will be the first woman to head the American central bank.