Senate Democrats have gotten their pick for the next chairman of the Federal Reserve: Janet L. Yellen.
The current Fed vice chairwoman has strong support among Senate Democrats, many of whom had been urging the president to pick her instead of Lawrence Summers, who withdrew from consideration in September.
“She’s an excellent choice and I believe she’ll be confirmed by a wide margin," said Sen. Charles E. Schumer, D-N.Y.
The Fed's policy of quantitative easing, where it is buying $85 billion a month in bonds in an effort to bring down unemployment, has been controversial and will surely be a subject of Yellen's confirmation hearings.
The president will make the announcement at 3 p.m. Wednesday in the East Room, according to a White House official. Current Chairman Ben S. Bernanke will attend.