Barack Obama will today nominate Janet Yellen, currently Federal Reserve vice-chair, to be the new chair of the Federal Reserve.
She will replace Ben Bernanke, who held the post for eight years, if the US Senate confirms her appointment to the post, which is expected.
Yellen became the front runner after former Treasury Secretary Larry Summers withdrew his candidacy following controversies over his suitability for the role.
This summer, a group of high-profile senators wrote to Obama backing Yellen for the job.
A wide range of prominent people in the US economic and political communities have been praising Yellen over the past couple of days.
Among others, Tim Johnson, chairman of the US Senate Banking Committee, said Yellen had “a depth of experience that is second to none” and that he had “no doubt she will be an excellent Federal Reserve chairman”.
Senior US senator, Democrat Charles Schumer, said Ms Yellen would win Senate confirmation of her nomination “by a wide margin”.