President Barack Obama plans to nominate Janet Yellen, the president of the Federal Reserve Bank of San Francisco, to occupy the chair for the vice chairman of the Federal Reserve, a person familiar with the selection revealed Friday.

Yellen is considered a dove on monetary policy, depicting that she is more concerned about high unemployment rather than soaring inflation. As vice chair she would be the second highest ranking Fed official.

The Federal Reserve can control economic growth, employment and inflation utilizing its power to fix interest rates. In addition, it also serves as a supervisor for thousands of banks, ranging from large bank holding companies to small state-chartered institutions.

Diane Swonk, Chief Economist at Mesirow Financial in Chicago, tagged Yellen's as highly experienced personality. An added benefit would be that Yellen would not have any trouble being confirmed by the Senate, Swonk adds.

Yellen is reported to have served as a top economic adviser to President Bill Clinton, in addition, to her long history with the Federal Reserve System.