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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.