Obama to pick Yellen as Fed chief, officials say

President Barack Obama will nominate Janet Yellen as chairwoman of the Federal Reserve on Wednesday, White House officials said Tuesday night, ending an unusually prolonged and public search to fill one of the most important economic policy-making jobs in the world.

Yellen has served as vice chairwoman of the Fed since 2010. Her nomination was widely expected after Obama's first choice for the job, Lawrence Summers, dropped out of the running in mid-September, according to the New York Times.

Her appointment is expected to win bipartisan support in the Democratic-controlled Senate.

Read more at the New York Times.