US President Barack Obama has nominated Janet Yellen as the new head of the Federal Reserve. Ms Yellen is currently the Vice-Chair of the Bank and will take over from Ben Bernanke, its current head, in January. President Obama said, Ms Yellen is a proven leader who is tough. But, she knows how to build consensus.He urged the Senate to confirm Ms Yellen straightaway. In her acceptance speech, Yellen said, more work was needed to be done to pull the economy away from recession.