Yellen to the Fed
The Wall Street Journal is reporting that San Francisco Fed President Janet Yellen will be nominated to be Vice Chair of the Federal Reserve Board. Since she is already a member of the FOMC, however, this doesn't really change the direction of monetary policy. The Journal says that persons have been selected for the other two Fed vacancies. It is likely that all three names will be sent to the Senate simultaneously.
Addendum
Former Fed Governor Larry Meyer has a good comment here.
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yellin
I don't think this is true--Yellin was on the FOMC last year, but not this year.
Reply
She may not be a voting member of the FOMC, but all the regional bank presidents participate in all FOMC meetings. Since the FOMC operates on a consensus basis, whether a member can vote or not is essentially irrelevant. Yellen has never cast a dissenting vote.