Obama Formally Announces Yellen as Fed Chair Nominee

Expected to be confirmed

President Obama on Wednesday announced one of his most important economic decisions, nominating Janet L. Yellen to lead the Federal Reserve system and be his independent co-steward of the American economy. He called her "one of the nation's foremost economists and policy makers."

Ms. Yellen, 67, who would be elevated from her current position as the Fed's vice chairwoman if the Senate confirms her nomination for a four-year term, would be the first woman to lead the Fed. She joined Mr. Obama before the cameras in the State Dining Room of the White House for the formal announcement. With them was the retiring chairman, Ben S. Bernanke, whom the president hailed for helping to guide the economy through the worst recession and financial crisis since the Depression.

"I could not be more grateful for his extraordinary service," Mr. Obama said.