Washington ( CNN ) -- Federal Reserve Vice Chairman Janet Yellen has emerged as the leading candidate to replace Ben Bernanke as Fed chairman , a White House official tells CNN 's Athena Jones . This comes after Larry Summers , after months of contentious debate , withdrew his name from consideration to head the central bank over the weekend in a process that some say has become unusually politicized . Summers was often discussed as President Barack Obama 's preferred choice for the job . He was a key economic adviser during the president 's first term and is a former treasury secretary . There was no information on Wednesday about when a final decision on a nomination would be made . Bernanke 's term ends in January and Obama plans to select a successor this fall . If nominated and confirmed by the Senate , Yellen would become the first woman to hold the job . She has the support of a number of Democrats on Capitol Hill as well as many fellow economists .
Janet Yellen , the No 2 Fed official , would succeed Ben Bernanke if nominated and confirmed . Yellen 's status was elevated after Larry Summers withdrew his name from consideration . Comment: