U.S. Federal Reserve

Saying "American workers and families will have a champion in Janet Yellen," President Obama officially nominated her to chair the Federal Reserve, once Ben Bernanke completes his term in January.

Yellen "is the kind of person who makes everybody around her better," Obama said, adding that Yellen is "extremely well qualified" and "renowned for her good judgement."

Obama made the announcement at the White House on Wednesday, flanked by Yellen and outgoing Fed chief Ben Bernanke. If confirmed, Yellen will be the first woman to head the American central bank.