Janet Yellen, President Barack Obama's pick for the next chair of the Federal Reserve, could soon become the first woman to head the most powerful central bank in the world. She could also — assuming the Senate confirms her nomination — become arguably the world's most powerful woman, period, even surpassing German Chancellor Angela Merkel, who has held the title for some time. Obama on Wednesday named Yellen his pick to lead the Fed, saying she "understands the necessity of the stable financial system" and is "committed to increasing employment." Yellen is strongly backed by Democrats and as the current vice chair of the Fed had been considered the likeliest successor to Ben Bernanke. Yellen has been a staunch supporter of Bernanke's stimulus programs, but she has also signaled that she wouldn't object to some inflation, a fact that could draw opposition from Republicans.