Janet Yellen Nominated by Obama to Replace Bernanke: Reports

This photo combo shows Fed Vice Chair Janet Yellen, left, and former Treasury Secretary Lawrence Summers. Fed Chairman Ben Bernanke is expected to step down when his second term ends in January 2014, and the contest to succeed him has turned into a public struggle between Yellen and Summers. (AP Photo/Eugene Hoshiko, J. Scott Applewhite)

Janet Yellen, the Federal Reserve vice chair, was nominated by President Barack Obama to replace Ben Bernanke as chairperson of the Central Bank.

The Associated Press broke the story on Tuesday evening.

The announcement is likely to be made as soon as Wednesday, according to reports.

Bernanke’s term as the chairman of the Fed will end Jan. 31, 2014.