Fed Chair Janet Yellen was officially nominated by President Barack Obama on Wednesday, October 9, 2013 and this makes her the first woman in American history to head the central bank.

Yellen joined as the Vice Chairman of Federal Reserve in 2010, functioning under current Fed Chairman Ben Barnanke. During his eight-year tenure at the top, Bernanke and team dealt with the most tumultuous period in the country’s economic history in the last seven decades.

The incoming Chairman is a firm supporter of Bernanke’s easy money policies that made sure the sinking banking system stayed afloat in the aftermath of the 2008 financial crisis.

A former economics professor at UCB Berkeley, Janet Yellen was the President and CEO of Federal Reserve Bank of San Francisco from 2004 until she joined Fed as Vice Chairman in 2010. Her husband is the Nobel-Prize winning economist George Akerlof.

Janet Yellen’s high credentials and remarkable popularity as an expert economist make her an ideal choice for the Fed Chair.

Before her, former Treasury Secretary Lawrence Summers was speculated to be President Obama’s nominee. Summers backed out from consideration perceiving increased opposition from various circles.

Senate Banking Committee Chairman Tim Johnson showed faith in Yellen’s abilities to lead the country’s economy.
“I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman. She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman," said Johnson in a media statement.

Johnson complimented Bernanke “for his incredible service to our country. He served as Chairman during one of the most turbulent economic times in our nation’s history, and I believe our financial system is stronger and more stable today in part to his efforts.”

Ben Bernanke’s term will end in January, 2014.