A source told Reuters that Janet Yellen remained the top contender to succeed outgoing USD Federal Reserve Chairman Ben Bernanke. However, the source who is familiar with the situation said President Barack Obama would not be announcing his pick yet. As the Vice Chair, Yellen is the second top ranking official of the US Federal Reserve.

Bernanke's successor would replace him when his second term would end in January next year.  Speculation has surrounded Obama's potential pick. In mid-September, Former Treasury Secretary Lawrence Summers took out his name from the list, saying his appointment would cause hostility. Summers was seen as Obama's preference.

Aside from Yellen, the President was said to be considering former Vice Chairman Donald Kohn for the post, the source said. Any presidential nominee would still have to be confirmed by the senate. According to a Reuters report, the Senate is battling against time as the legislative schedule tightens before the year ends.