Obama to nominate Yellen to lead Fed

U.S. President Barack Obama will nominate Federal Reserve vicechair Janet Yellen to succeed Ben Bernanke as chairman of the country’s central bank, the White House said Tuesday. Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry. Both Yellen and Bernanke are scheduled to appear with Obama at the White House on Wednesday for a formal announcement. Bernanke’s eight-year term ends in January.