Janet Yellen Nominated to Lead Federal Reserve

In an historic announcement, President Obama nominated Janet Yellen to become the first female of the Federal Reserve, putting the longtime Fed governor and economist in the hot seat at one of most controversial moments in the central bank`s 100-year history.

But who is Janet Yellen? What`s her record at the Fed and her plans for the struggling economy? And what does her appointment mean for your money?

Steve Liesman takes a closer look at the woman who would be chairman.

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