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Wednesday October 9th, 2013, 1:09pm
President Barack Obama plans to choose Janet Yellen as the next chair of the Federal Reserve Wednesday. If confirmed by the Senate, Yellen would be the first woman to hold the high-profile position.
Yellen, currently the vice chair of the Fed, would take over for chair Ben Bernanke. His second term is due to expire January 31, 2014.
Obama is set to make the nomination today at the White House at 3 p.m. EDT.
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