Berkeley professor emeritus Janet Yellen. Photo: International Monetary Fund

Janet Yellen, Eugene E. and Catherine M. Trefethen Professor Emeritus of Business Administration at UC Berkeley’s Haas School of Business, will be nominated by President Obama to be the first female chair of the Federal Reserve, according to news reports.

Yellen, 67, has been vice chair of the Fed since 2010. Before that, she was President of the Federal Reserve Bank of San Francisco. Yellen joined Berkeley’s faculty in 1980. Yellen’s husband, George Akerlof, is the Koshland Professor of Economics at Berkeley and the 2001 Nobel prizewinner in economics. 

Yellen’s nomination comes after the widely reported first choice of Obama, Larry Summers, withdrew his name from consideration on Sept. 15. Summers, a former adviser to the president and a Harvard professor, faced opposition from a number of Democratic senators.

Yellen’s nomination to the four-year term as Fed chair is subject to confirmation from the Senate. If confirmed, Yellen will succeed Princeton professor Ben Bernanke, whose second four-year term ends on Jan. 31.

Come to Uncharted: The Berkeley Festival of Ideas, Oct. 25-26. View the full program and the roster of speakers on the Uncharted websiteBerkeleysiders who haven’t bought their tickets to Uncharted yet should use promo code Berkeleyside Friend when they register in order to get a discount. number of scholarships is also available.

Lance Knobel (Berkeleyside co-founder) has been a journalist for nearly 40 years. Much of his career was in business journalism. He was editor-in-chief of both Management Today, the leading business magazine...