WASHINGTON (March 12, 2010)—Janet Yellen, who currently heads the Federal Reserve Bank of San Francisco, is in line to become vice chairman of the Federal Reserve, The Associated Press reported Friday.

According to a person who’s familiar with the selection, President Barack Obama plans to nominate Yellen, who’s considered a dove on monetary policy, which means she's more concerned about high unemployment than rising inflation.

The current vice chairman, Donald Kohn, is stepping down at the end of June, which opens up a third seat on the seven-member board, and gives Mr. Obama a chance to put a bigger imprint on the central bank.