Janet Yellen, president of the Federal Reserve Bank of San Francisco, is the lead candidate for vice chairman of the Federal Reserve Board, White House press secretary Robert Gibbs confirmed Friday.

Gibbs said President Obama hopes to announce the successor to Donald Kohn before his term expires in June.

Yellen "is obviously somebody who — a former chair of the Council of Economic Advisers; somebody with great expertise in macroeconomic issues; the current president of the Fed in San Francisco," Gibbs said. "And she is a leading contender for the vice chair nomination."

Gibbs said Sarah Raskin, Maryland's commissioner of financial regulation, and Peter Diamond, an economics professor at the Massachusetts Institute of Technology, are "under strong consideration" for other vacancies on the Fed board.

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