Yellen To Be Nominated as Fed's Vice Chair

President Obama is set to name Janet Yellen as vice chairwoman of the Federal Reserve and also fill two other board vacancies, says a report.
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NEW YORK (

TheStreet

) -- President Obama is set to name Janet Yellen as vice chairwoman of the

Federal Reserve

and also fill two other board vacancies, say reports.

Yellen is president of the Federal Reserve Bank of San Francisco. As vice chair, she would be the second-highest ranking Fed official to Fed Chairman Ben Bernanke, who has begun a second term.

Obama also Thursday is expected to nominate Sarah Raskin and Peter Diamond to the central bank, the

Associated Press

reports. Raskin is the Maryland commissioner of financial regulation. Diamond is an economist at the Massachusetts Institute of Technology.

If the nominations are confirmed by the Senate, Obama will have appointed five of the seven members of the Fed.

-- Reported by Joseph Woelfel in New York.

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