President Obama Nominates Janet Yellen As Fed Chair

Update 3:22 p.m.: President Obama has formally nominated Janet Yellen to lead the Fed.

President Obama is expected to nominate Janet Yellen this afternoon to be the next chair of the Federal Reserve Bank.

Yellen, who is the current vice chair at the Fed, would be the first woman to head the bank, and some are arguing, perhaps the most powerful woman in U.S. history.

News of Yellen's nomination comes after the other leading candidate for the post, former Obama adviser Larry Summers withdrew — he had reportedly been the president's preferred choice but faced opposition from liberal Democrats in Congress.

Yellen brings long-term experience to the job — President Clinton appointed her to chair his Council of Economic Advisors — but if nominated and confirmed, she will likely face the task of unwinding the Feds's massive stimulus programs.