Federal Reserve Vice Chairwoman Janet Yellen is set to become the next head of the US Central Bank.
If confirmed by Congress it will be the first time in the Fed’s 100-year history that a woman has become its chief.
Sixty-seven-year-old Yellen who is a respected economist will replace Ben Bernanke who steps down in January.
President Obama is to nominate her partly due to her stance as a forceful advocate of aggressive action to drive down unemployment.
Her appointment is expected to provide continuity with the policies established by her predecessor.