White House Signals "Yale School" Yellen Will Be Nominee for Fed Chief

WSJ reports:

The White House is sending signals that President Barack Obama is close to nominating Janet Yellen to be the next head of the Federal Reserve.

Administration officials have begun discussing the process for nominating the next chairman with Senate officials, people familiar with the matter said. Two Democratic aides said Ms. Yellen's name has come up in at least two of those conversations, and a White House official confirmed the Fed vice chairwoman is the front-runner for the post[...]

A nominee must first clear the 22-member Senate Banking Committee, where Democrats hold a two-vote majority. Many Democrats already have expressed support for Ms. Yellen. Nonetheless, the administration can't afford to lose any Democrats if Republicans unite against the president's pick.