Obama widely expected to pick Janet Yellen as Fed Reserve’s next chairperson

Obama widely expected to pick Janet Yellen as Fed Reserve’s next chairpersonJanet Yellen, vice president of the U. S. Federal Reserve, is widely expected to be the next chief of the central bank as President Barack Obama's former economic adviser Lawrence H. Summers has already withdrawn his name from consideration.

Summers withdrew his name after being targeted by Yellen's supporters who said he was too lenient on regulating the Wall Street.

After Mr. Summers' exit, Yellen is reportedly now on the top of the list of candidates that are being considered by the Obama administration for the top job at the central bank.

David Zervos, a New York-based managing director at Jefferies & Co. said, "I think it would be very difficult now for Obama to back away."

He added that if the Obama administration backs away, then it would be very anti-Yellen which he didn't think the administration wasn't.

In case, the Obama administration selects 67-year-old Yellen as the next chief of the Federal Reserve and the Senate confirms her name, it would be the first time that a woman would head the central bank.