Saying "American workers and families will have a champion in Janet Yellen," President Obama officially nominated her to chair the Federal Reserve, once Ben Bernanke completes his term in January.
Yellen "is the kind of person who makes everybody around her better," Obama said, adding that Yellen is "extremely well qualified" and "renowned for her good judgement."
Obama made the announcement at the White House on Wednesday, flanked by Yellen and outgoing Fed chief Ben Bernanke. If confirmed, Yellen will be the first woman to head the American central bank.
During her statement, Yellen gave Bernanke credit for making the financial system stronger.
She said, while the economy is in much better shape, right now, "we have farther to go." There are too many Americans, she said, who still don't have jobs.
Yellen said if confirmed, she would do her best to meet the dual mandate of the Federal Reserve: maximum employment and controlled inflation.
As we reported, yesterday, Yellen is very much the status-quo nominee. She worked hand-in-glove with Bernanke to put into place the economic stimulus undertaken by the Fed.
Yellen is currently the vice chair of the Board of Governors of the Federal Reserve System. She had previously served as the CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010 and as governor of the Federal Reserve Board during the Clinton years.
On a lighter note, Obama noted that Yellen had "found love" at the Fed. She is married to George Akerlof, who won a Nobel in economics in 2001.