US President Barack Obama has officially nominated Federal Reserve vice-chair Janet Yellen to be the next head of the US central bank.
He called her one of the nation’s foremost economists and policy makers.
Ms Yellen said if confirmed by the Senate she would do her utmost “to promote maximum employment, stable prices and a stable financial system”.
She said more needed to be done to strengthen the US economy although progress had been made recently.
The president praised Ms Yellen’s ability to build consensus and listen to competing views.
He added that she was “committed to increasing employment and understands the human costs when Americans can’t find a job”.