Obama taps Yellen as first female Federal Reserve chief

President Barack Obama on Wednesday announced his nomination of Federal Reserve Vice Chair Janet Yellen to lead the U.S. central bank. If approved by the Senate, Yellen, 67, would become the first female chief of the Federal Reserve, succeeding Ben Bernanke, who has served in the post during the last eight years, including the unprecedented rescue of the financial system in 2008 and steps to grow the sluggish economy in the years since the so-called Great Recession. Obama said he wanted a Fed chair who focuses on "sound monetary policy and increasing jobs" -- qualities the President said are held by Yellen. "She is a proven leader, and she is tough," Obama said. "She is exceptionally well-qualified for this role," renowned for "her good judgment" and "keen understanding of how markets and the economy work," he said. Yellen, who grew up in Brooklyn, New York, served as chair of the Council of Economic Advisers during the Bill Clinton administration and has been a regional Fed bank president. Earlier in the day, White House press secretary Jay Carney said Yellen was "a case of exceptional wisdom and experience, a tough, non-ideological approach to the responsibilities that she has now and would have, if confirmed, as chair of the Fed. And the President looks forward to the Senate considering this nomination and confirming her." The record of Yellen suggests that she would continue for as long as possible a Fed stimulus program aimed at boosting economic growth. She would also be the top regulator of the U.S. financial system. The term of Bernanke expires in January.