President Obama announced Janet Yellen as his nomination for the new Fed Chief Wednesday afternoon. If approved by Senate, Yellen will be the first woman to lead the Federal Reserve in its 100-year history and will replace Ben Bernanke, who has served as Chairman since 2006. 

Yellen has held the position as Vice Chair of the Board of Governors of the Federal Reserve since 2010. Prior to that role in the Fed she served as President and Chief Executive Officer of the Twelfth District Federal Reserve Bank in San Francisco. 

In his announcement, Obama expressed his appreciation for Bernanke's service, siting the economic progress that has been made over the past three and a half years. "He has been a voice of wisdom and a steady hand," said Obama, "He has displayed courage and creativity." While significant progress has been made, he recognizes the work that remains for the nation's current economic situation. "We still have a lot to do to rebuild the middle class."  

In his announcement, Obama explained that he considers this decision one of the most important decisions of his presidency because the leader of the Fed will continue to help guide the economy after he has left office. He believes that the qualities that Yellen posseses will help the economy continue to progress. 

"We have made progress," said Yellen, "But we have further to go." In her response to the President's nomination, Yellen expressed that the Federal Reserve is there to serve all American people and can only help if it does its job effectively.