Janet Yellen. Image Credit: Bloomberg

Washington: President-elect Joe Biden will nominate former Federal Reserve Chair Janet Yellen to head the US Treasury, a financial source with knowledge of the incoming administration's decision said Monday.

If confirmed by the Senate, the 74-year-old would make history as the first female head of the department, and be tasked with steering the world's largest economy as it struggles with mass layoffs and a sharp growth slowdown caused by the COVID-19 pandemic.