This post has been updated.

President Barack Obama will nominate Janet Yellen as the next chair of the U.S. Federal Reserve on Wednesday, the White House announced in a statement.

The Fed vice chairwoman rose to the top of the list after former White House economic adviser Lawrence Summers withdrew from the running due to stiff resistance from both Democrats and Republicans on the Hill.

Obama will make the announcement at 3pm ET from the White House, and outgoing Fed Chair Ben Bernanke is expected to attend and deliver remarks.

“She’s an excellent choice and I believe she’ll be confirmed by a wide margin,” Sen. Chuck Schumer (D-NY) said in a statement following the announcement.