Obama to nominate Janet Yellen to lead Federal Reserve

Federal Reserve Vice Chair Janet Yellen will be nominated by President Barack Obama to succeed Ben Bernanke as the head of the organization, the Los Angeles Times reported on Tuesday.

The White House is expected to make the nomination official in a Wednesday announcement, which would put Yellen in a position to become the first woman to lead the Fed, should she be confirmed by lawmakers. The Times reported that more than a third of the Senate's 55-member Democratic caucus signed a letter urging Obama to nominate her.

"I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman," NBC News quoted Senate Banking Committee Chairman Tim Johnson (D-SD) as saying. "She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman."

Yellen's candidacy follows that of former Treasury Secretary Larry Summers, who withdrew himself from consideration after coming under political scrutiny.

Watch a report on Yellen's expected nomination, aired by Bloomberg TV on Tuesday, below.