Yellen, current Vice Chair of the U.S. central bank, is widely seen by markets as sticking with currently ultra-loose monetary policies put in place under Bernanke, especially the bank's USD85 billion in monthly asset purchases designed to spur recovery by driving down long-term interest rates.
Yellen, 67, has said in the past that she does not see a conflict of interest when prioritizing lowering unemployment rates over keeping inflation rates in check.
Obama thanked Chairman Bernanke for his service earlier and praised Yellen's past performance at the Fed.
"Janet is renowned for her good judgment. She sounded the alarm bell early about the housing bubble, about excesses in the financial sector and about the risks of a major recession," Obama said, adding that she has "a keen understanding is about how markets and the economy works, not just in theory but also in the real world."
"Janet is committed to both sides of the Fed's dual mandate. She understands the necessity of a stable financial system where we move ahead with the reforms that we have begun to protect consumers, to ensure that no institution is too big to fail and to make sure the taxpayers are never again left holding the bag because of the mistakes of a reckless few."
"And at the same time she is committed to increasing employment. She understands the human costs when Americans can't find a job."
Following Obama's remarks, Yellen said she was "honored and humbled" by the nomination.
"The past six years have been tumultuous for the economy and challenging for many Americans," Yellen said, adding "We have made progress. The economy is stronger and the financial system sounder."
Yellen's nomination sparked relief buying for the dollar despite her being a noted policy dove and seen as sticking with currently loose monetary policies, as she will likely win confirmation in the Senate.
While some Republican lawmakers have expressed concerns, others said they expected a smooth transition of leadership in the U.S. central bank.
Yellen was seen competing for the job against former Treasury Secretary Larry Summers, who bowed out of the race last month, and her nomination clears up policy uncertainty, which gave the dollar room to rise despite expectations for overall monetary policy to remain on the loose side.
Bernanke is due to step down Jan. 31.
Prior to her appointment as Vice Chair, Dr. Yellen served as President and Chief Executive Officer of the Twelfth District Federal Reserve Bank, at San Francisco.
Yellen is Professor Emeritus at the University of California at Berkeley where she was the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics and has been a faculty member since 1980.
Yellen also served as chair of the White House Council of Economic Advisers during the Clinton administration.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.47% at 80.45.
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