Obama to Nominate Janet Yellen as Fed Chair

Will make formal announcement Wednesday

President Barack Obama will announce the nomination Janet Yellen to be the next chair of the Federal Reserve on Wednesday, a White House official said.

Obama will announce her nomination Wednesday at 3 p.m. during an event in the East Room of the White House, the official said.

Yellen, the current Fed vice chair, would succeed Ben Bernanke, who will appear at the White House event on Wednesday. If she is confirmed by the Senate, she would be the first female chair of the Fed.