WASHINGTON, Oct. 9 (Xinhua) -- U.S. President Barack Obama on Wednesday formally nominated current Federal Reserve Vice Chairwoman Janet Yellen to be the next head of the U.S. central bank.
Born in 1946, Yellen took office as vice chairwoman of the Federal Reserve since October 2010. Prior to her appointment as vice chairwoman, she has served as president and chief executive officer of the Federal Reserve Bank of San Francisco.
Yellen is professor emeritus at the University of California at Berkeley where she has been a faculty member since 1980.
Yellen took leave from the University of California at Berkeley for five years starting August 1994. She served as a member of the Board of Governors of the Federal Reserve through February 1997, and then left the Fed to become Chair of the Council of Economic Advisers through August 1999 under former President Bill Clinton.
Yellen graduated summa cum laude from Brown University with a degree in economics in 1967, and received her Ph.D. in economics from Yale University in 1971.
She was an assistant professor at Harvard University from 1971 to 1976, and served as an economist with the Federal Reserve between 1977 and 1978, and on the faculty of the London School of Economics and Political Science from 1978 to 1980.
Yellen has written on a wide variety of macroeconomic issues, specializing in the causes, mechanisms and implications of unemployment.
If confirmed by the Senate, Yellen would be the first woman to lead the U.S. central bank in its 100-year history. She is to replace outgoing Fed Chairman Ben Bernanke, who is poised to step down in January 2014.