Obama Decides on Federal Reserve Bank Nominee

President Obama picked Janet Yellen to be his Nominee for Federal Reserve Vice Chair, Fox News learned Thursday night. This, according to a source familiar with the situation. Yellen is aware she's Obama's nominee and is cooperating in the vetting process. It is unclear if she has formally accepted, but it is assumed she will take the number two post behind recently re-confirmed chairman Ben Bernanke.

If confirmed by the Senate, Yellen would replace Donald Kohn, who announced his retirement from the Federal Reserve earlier this month. He's due to leave in late June.

Mr. Obama has three vacancies to fill on the seven-member board of the U.S. central bank.