Obama announces Janet Yellen as nominee to be next Fed chair

WASHINGTON (Reuters) - President Barack Obama nominated Janet Yellen to be the next chair of the Federal Reserve Board on Wednesday and said she is a proven leader who knows how to build consensus in managing the Fed's dual mandate of controlling inflation and increasing employment.

At a White House event, Obama also paid tribute to current chair Ben Bernanke, whose term on the board ends in January. Obama urged the Senate to confirm Yellen as soon as possible.

Obama called Bernanke a voice of wisdom during a time of market volatility who helped repair the U.S. economy from the worst recession since the Great Depression.

(Reporting by Jeff Mason, Steve Holland and Roberta Rampton; Editing by Eric Beech)