President Barack Obama announced his nomination of Janet Yellen for Federal Reserve Chairman on Wednesday. If confirmed, Yellen would succeed current Fed Chairman Ben Bernanke.

If confirmed by the Senate, Yellen would be the first woman to lead the nation's central bank, a key player in the global economy -- and "a role model for a lot of folks out there," Obama said.

MORE: Five things you might not know about Janet Yellen

Photo: Economist Janet Yellen smiles as President Barack Obama announces her nomination for Federal Reserve chairman at the White House in Washington, D.C., on Oct. 9, 2013. Yellen, 67, will be the first woman ever to lead the Fed, and is widely expected to sustain Bernanke's focus on supporting the US economy until joblessness can be brought down. (Photo: JEWEL SAMAD/AFP/Getty Images)