Brooklyn native Janet Yellen was nominated this week by President Barack Obama to take up the most powerful job in the world economy.
If her selection is approved by the Senate, Mrs Yellen, who is Jewish, will become the first woman to head the US Federal Reserve in its 100-year history.
Ms Yellen is set to take over from the current central bank head, Ben Bernanke, who is also Jewish. Mr Bernanke will step down early next year.
The nomination ends a long public debate about Mr Obama’s choice for the position.
Mrs Yellen has been a front runner but faced stiff competition from former Treasury secretary Lawrence Summers.
Mrs Yellen is married to George Akerlof, a Jewish Nobel Prize-winning economist and professor emeritus at the University of California.