The announcement will be made on Wednesday at 3:00 p.m., the official said.
If Yellen is confirmed by the Senate, she will be the first woman to head the central bank in its 100-year history.
Yellen got the nod based on a robust résumé, including more than a decade in various Federal Reserve roles. She currently serves as Fed vice chair and has pushed for the central bank to stimulate the economy to address high U.S. unemployment. Her views are considered to be closely aligned with current Chairman Ben Bernanke, and for that reason, the leadership transition is expected to be smooth once his term ends in January.
Source: CNN
