Reporting from Washington — President Obama plans to name Janet Yellen to serve as vice chairwoman of the Federal Reserve, where she would play a crucial role in shaping monetary policy for the nation's banking system.
Yellen, 63, is a former member of the Fed's Board of Governors and has served as president and chief executive of the 12th District Federal Reserve Bank in San Francisco since 2004.
She will be appointed Thursday, according to a source who requested anonymity in order to speak about the candidates in advance of the official announcement.
Yellen is a professor emeritus at UC Berkeley, where she has been a faculty member since 1980. She took a leave from Berkeley in 1994 to serve as a member of the Fed board, then left that position to be chairwoman of President Clinton's Council of Economic Advisors.