WASHINGTON ( TheStreet) -- Janet Yellen will be nominated by President Obama to serve as vice chairwoman of the Federal Reserve, reports say. Yellen, president of the Federal Reserve Bank of San Francisco since 2004, would serve as Fed Chairman Ben Bernanke's No. 2. Yellen was widely considered to be the front-runner for the position, the New York Times and other publications report. She would succeed Donald Kohn, who plans to retire in June. Economists view Yellen, a strong supporter of Bernanke's policies, as more inclined to keep interest rates low to stimulate economic growth and reduce the high unemployment rate, the Times notes. Treasury Secretary Timothy Geithner and other top officials were still holding conversations with Yellen about the position, the Times reports, citing an administration official. -- Written by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.