President Barack Obama is due to pick Federal Reserve Bank of San Francisco President Janet Yellen as vice chairman of the central bank, Bloomberg reported on Thursday, citing two people with knowledge of the selection process.

Yellen would replace Donald Kohn, who announced earlier this month that he would retire in June. His departure means that Obama has three seats to fill on the seven-member board of the U.S. central bank.

We're not responding to any rumors or speculation, said Lily Ruiz, a spokeswoman for the San Francisco Fed.

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